Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 2.6%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price dropped 2.6% on Wednesday . The company traded as low as $50.99 and last traded at $51.05. Approximately 8,129 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 211,140 shares. The stock had previously closed at $52.41.

Analysts Set New Price Targets

PRAX has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, March 26th. Jefferies Financial Group lifted their target price on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Finally, Wedbush lifted their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, January 12th.

Praxis Precision Medicines Stock Down 8.3 %

The stock has a fifty day simple moving average of $51.07 and a 200 day simple moving average of $33.43.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.05) by $0.08. The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. On average, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -8.64 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. raised its position in shares of Praxis Precision Medicines by 21,000.0% during the second quarter. Point72 Asset Management L.P. now owns 10,550,000 shares of the company’s stock valued at $12,132,000 after buying an additional 10,500,000 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Praxis Precision Medicines by 10.7% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Praxis Precision Medicines by 135.3% during the third quarter. Vanguard Group Inc. now owns 5,564,114 shares of the company’s stock valued at $9,515,000 after purchasing an additional 3,199,541 shares in the last quarter. State Street Corp grew its position in shares of Praxis Precision Medicines by 265.9% during the second quarter. State Street Corp now owns 5,098,669 shares of the company’s stock valued at $12,492,000 after purchasing an additional 3,705,283 shares in the last quarter. Finally, Acuta Capital Partners LLC increased its holdings in shares of Praxis Precision Medicines by 5.5% in the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after purchasing an additional 235,000 shares during the last quarter. 67.84% of the stock is currently owned by 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.