Praxis Precision Medicines (NASDAQ:PRAX) Announces Quarterly Earnings Results

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) posted its earnings results on Friday. The company reported ($2.94) EPS for the quarter, missing the consensus estimate of ($2.76) by ($0.18), Zacks reports. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ:PRAX traded down $5.05 during midday trading on Monday, hitting $33.55. The company's stock had a trading volume of 1,189,918 shares, compared to its average volume of 471,268. 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 has a 12-month low of $33.01 and a 12-month high of $91.83. The business's 50 day simple moving average is $76.23 and its 200 day simple moving average is $69.79.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price objective for the company. HC Wainwright cut their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a research note on Monday. Truist Financial lowered their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday. Needham & Company LLC cut their price target 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. Finally, Robert W. Baird decreased 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 report on Monday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $123.80.

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.