Praxis Precision Medicines (NASDAQ:PRAX) Price Target Lowered to $85.00 at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its price target decreased by equities researchers at Needham & Company LLC from $150.00 to $85.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 153.35% from the company's current price.

A number of other research firms have also weighed in on PRAX. Truist Financial upped their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Robert W. Baird dropped their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a report on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a "buy" rating and a $111.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and a consensus target price of $123.80.

Praxis Precision Medicines Trading Down 13.1 %

NASDAQ PRAX traded down $5.05 on Monday, hitting $33.55. 1,189,932 shares of the company traded hands, compared to its average volume of 471,268. The business's 50 day moving average price is $75.35 and its 200-day moving average price is $69.64. Praxis Precision Medicines has a 52-week low of $33.01 and a 52-week high of $91.83. The company has a market capitalization of $625.30 million, a price-to-earnings ratio of -3.26 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings data on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The company had revenue of $7.48 million during the quarter, compared to the consensus estimate 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%. As a group, sell-side analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently made changes to their positions in the company. CIBC Asset Management Inc grew its holdings in Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after buying an additional 117,817 shares in the last quarter. Barclays PLC grew its holdings in shares of Praxis Precision Medicines by 126.8% in the third quarter. Barclays PLC now owns 37,130 shares of the company's stock valued at $2,136,000 after purchasing an additional 20,759 shares in the last quarter. Franklin Resources Inc. increased its position in Praxis Precision Medicines by 85.6% in the third 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 last quarter. BNP Paribas Financial Markets raised its stake in Praxis Precision Medicines by 369.4% during the third quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company's stock valued at $548,000 after purchasing an additional 7,496 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at $304,000. 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.