Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 3.5%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price dropped 3.5% on Thursday . The company traded as low as $58.59 and last traded at $58.61. Approximately 54,683 shares were traded during trading, a decline of 80% from the average daily volume of 278,234 shares. The stock had previously closed at $60.71.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PRAX. Oppenheimer reaffirmed an “outperform” rating and issued a $143.00 target price (up from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $270.00 price target on shares of Praxis Precision Medicines in a research note on Monday, July 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday. One research 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 company has an average rating of “Moderate Buy” and an average target price of $143.44.

Praxis Precision Medicines Stock Down 8.5 %

The company has a market cap of $924.17 million, a P/E ratio of -3.41 and a beta of 2.72. The company has a fifty day moving average of $52.17 and a 200 day moving average of $49.90.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.38) by $0.64. The business had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. As a group, research analysts forecast that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new position in Praxis Precision Medicines in the 2nd quarter worth $25,000. Simplex Trading LLC bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $31,000. Quarry LP purchased a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at about $83,000. SG Americas Securities LLC purchased a new position in shares of Praxis Precision Medicines during the 1st quarter valued at about $150,000. Finally, DLD Asset Management LP bought a new position in shares of Praxis Precision Medicines during the 4th quarter valued at approximately $223,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.