Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 12-Month Low - Here's Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price hit a new 52-week low during trading on Monday . The company traded as low as $30.00 and last traded at $30.97, with a volume of 19737 shares changing hands. The stock had previously closed at $32.65.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of research reports. HC Wainwright lowered their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. Truist Financial lowered their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price objective on the stock. Wedbush downgraded shares of Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research report on Friday, February 28th. Finally, Robert W. Baird dropped their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and a consensus price target of $123.33.

Praxis Precision Medicines Price Performance

The firm's fifty day moving average is $50.81 and its two-hundred day moving average is $65.05. The firm has a market capitalization of $599.65 million, a PE ratio of -2.89 and a beta of 2.66.

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

Institutional Investors Weigh In On Praxis Precision Medicines

Large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. grew its position in 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 period. Janus Henderson Group PLC boosted its stake in Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock valued at $71,621,000 after acquiring an additional 405,957 shares during the last quarter. VR Adviser LLC grew its position in shares of Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company's stock valued at $76,189,000 after acquiring an additional 283,854 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $17,454,000. Finally, Franklin Resources Inc. raised its holdings in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock worth $25,619,000 after purchasing an additional 205,335 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.