Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 13.2% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares were down 13.2% on Wednesday . The stock traded as low as $58.84 and last traded at $63.12. Approximately 476,133 shares were traded during trading, an increase of 74% from the average daily volume of 273,494 shares. The stock had previously closed at $72.73.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PRAX shares. Oppenheimer lifted their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Wedbush raised their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and issued a $145.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. Guggenheim raised their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $145.67.

Praxis Precision Medicines Stock Down 1.2 %

The stock has a fifty day moving average of $63.33 and a two-hundred day moving average of $53.59. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -7.01 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $1.44 million. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. increased its position in Praxis Precision Medicines by 10.2% during the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after buying an additional 97,561 shares in the last quarter. RA Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines during the first quarter worth about $50,548,000. Vanguard Group Inc. grew its stake in Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after acquiring an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD purchased a new stake in shares of Praxis Precision Medicines in the first quarter valued at $32,707,000. Finally, Kingdon Capital Management L.L.C. boosted its stake in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after buying an additional 3,335 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.