Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 7.9% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded down 7.9% on Friday . The stock traded as low as $70.79 and last traded at $70.79. 53,913 shares were traded during trading, a decline of 81% from the average session volume of 280,365 shares. The stock had previously closed at $76.88.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRAX shares. Wedbush increased 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. Guggenheim lifted their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Oppenheimer lifted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Price Performance

The business’s 50-day moving average price is $66.65 and its 200 day moving average price is $54.91. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -6.87 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the prior year, the business earned ($2.70) earnings per share. As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank bought a new stake in shares of Praxis Precision Medicines in the second quarter worth $25,000. US Bancorp DE raised its stake in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares in the last quarter. Quarry LP bought a new position in Praxis Precision Medicines during the second quarter worth $83,000. SG Americas Securities LLC acquired a new position in Praxis Precision Medicines in the first quarter worth $150,000. Finally, Kingdon Capital Management L.L.C. increased its stake in Praxis Precision Medicines by 1.0% during the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after purchasing an additional 3,335 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.