Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 8.6% – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price traded down 8.6% during mid-day trading on Tuesday . The company traded as low as $86.91 and last traded at $82.96. 114,411 shares were traded during trading, a decline of 68% from the average session volume of 361,814 shares. The stock had previously closed at $90.77.

Analysts Set New Price Targets

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

Praxis Precision Medicines Stock Performance

The business has a fifty day moving average of $77.04 and a 200-day moving average of $68.94. The company has a market capitalization of $1.47 billion, a P/E ratio of -7.64 and a beta of 2.65.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Moody Aldrich Partners LLC increased its holdings in Praxis Precision Medicines by 29.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock worth $1,819,000 after purchasing an additional 7,224 shares in the last quarter. US Bancorp DE boosted its position in shares of 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 during the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in Praxis Precision Medicines during the third quarter worth $231,000. CIBC Asset Management Inc raised its position in Praxis Precision Medicines by 29.2% in the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after buying an additional 56,272 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Praxis Precision Medicines during the 3rd quarter valued at $217,000. Institutional investors and hedge funds 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.