Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 5.1% – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price traded down 5.1% on Tuesday . The stock traded as low as $35.62 and last traded at $35.95. 199,935 shares were traded during mid-day trading, a decline of 44% from the average session volume of 356,360 shares. The stock had previously closed at $37.87.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PRAX shares. Wedbush cut Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. Truist Financial cut their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. HC Wainwright lowered their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Robert W. Baird lowered their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price on the stock. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.33.

Praxis Precision Medicines Trading Down 6.5 %

The stock has a market cap of $713.87 million, a PE ratio of -3.44 and a beta of 2.76. The business has a fifty day simple moving average of $60.89 and a two-hundred day simple moving average of $67.28.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The firm had revenue of $7.48 million for the quarter, compared to analysts’ expectations of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. On average, research analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRAX. GF Fund Management CO. LTD. bought a new position in Praxis Precision Medicines in the 4th quarter worth about $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at $48,000. Graham Capital Management L.P. purchased a new position in Praxis Precision Medicines in the 4th quarter worth about $209,000. KLP Kapitalforvaltning AS bought a new position in Praxis Precision Medicines during the 4th quarter valued at about $215,000. Finally, Intech Investment Management LLC bought a new stake in shares of Praxis Precision Medicines in the third quarter worth $217,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.