Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 7.1% – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) traded down 7.1% on Wednesday . The stock traded as low as $34.24 and last traded at $33.31. 42,160 shares were traded during trading, a decline of 88% from the average session volume of 352,211 shares. The stock had previously closed at $35.86.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Robert W. Baird lowered their price objective on 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. Wedbush downgraded Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. HC Wainwright decreased their price objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Truist Financial cut their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Price Performance

The stock has a market cap of $715.99 million, a PE ratio of -3.44 and a beta of 2.76. The business has a fifty day moving average of $63.44 and a 200-day moving average of $67.85.

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

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its stake in Praxis Precision Medicines by 7.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after buying an additional 88,442 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Praxis Precision Medicines by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock worth $81,858,000 after purchasing an additional 24,645 shares during the last quarter. VR Adviser LLC boosted its position in Praxis Precision Medicines by 40.2% during the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after purchasing an additional 283,854 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after buying an additional 405,957 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after buying an additional 548,986 shares during the last quarter. 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.