HC Wainwright Cuts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $105.00

Praxis Precision Medicines (NASDAQ:PRAX - Free Report) had its target price decreased by HC Wainwright from $120.00 to $105.00 in a research note issued to investors on Monday morning, Marketbeat.com reports. HC Wainwright currently has a buy rating on the stock.

Several other brokerages have also commented on PRAX. Truist Financial raised their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Robert W. Baird dropped their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 target price for the company. Finally, Needham & Company LLC lowered their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a "buy" rating for the company in a report on Monday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $123.80.

Praxis Precision Medicines Price Performance

PRAX stock traded down $5.05 during trading on Monday, reaching $33.55. The company had a trading volume of 1,189,932 shares, compared to its average volume of 471,268. Praxis Precision Medicines has a 52 week low of $33.01 and a 52 week high of $91.83. The business has a 50 day moving average of $75.35 and a 200 day moving average of $69.64. The company has a market cap of $625.30 million, a P/E ratio of -3.26 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts' consensus estimates of ($2.76) by ($0.18). The firm had revenue of $7.48 million for the quarter, compared to analysts' expectations of $0.36 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Research analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

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