Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 8.5% – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares dropped 8.5% on Monday . The company traded as low as $67.10 and last traded at $68.19. Approximately 291,558 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 380,167 shares. The stock had previously closed at $74.49.

Wall Street Analysts Forecast Growth

PRAX has been the subject of several research reports. Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Truist Financial upped their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $145.20.

Praxis Precision Medicines Price Performance

The stock has a market capitalization of $1.24 billion, a PE ratio of -6.48 and a beta of 2.65. The company has a 50-day moving average of $77.41 and a two-hundred day moving average of $69.46.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds have recently modified their holdings of PRAX. US Bancorp DE boosted its holdings in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares during the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in Praxis Precision Medicines in the third quarter valued at $231,000. CIBC Asset Management Inc grew its position in Praxis Precision Medicines by 29.2% during the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after acquiring an additional 56,272 shares during the period. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth about $217,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Praxis Precision Medicines by 188.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 137,052 shares of the company’s stock worth $7,886,000 after purchasing an additional 89,578 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

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.