Praxis Precision Medicines (NASDAQ:PRAX) Price Target Lowered to $73.00 at Robert W. Baird

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its target price lowered by stock analysts at Robert W. Baird from $117.00 to $73.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price objective would suggest a potential upside of 117.59% from the company's previous close.

A number of other equities analysts have also commented on PRAX. Truist Financial raised their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Needham & Company LLC reaffirmed a "buy" rating and set a $150.00 target price on shares of Praxis Precision Medicines in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $123.80.

Praxis Precision Medicines Price Performance

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

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released 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 business had revenue of $7.48 million for the quarter, compared to analysts' expectations 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%. Analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in PRAX. Polar Asset Management Partners Inc. bought a new stake in Praxis Precision Medicines during the fourth quarter worth about $7,590,000. GF Fund Management CO. LTD. bought a new position in Praxis Precision Medicines during the 4th quarter worth approximately $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Praxis Precision Medicines by 17.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,615 shares of the company's stock worth $1,433,000 after purchasing an additional 2,747 shares during the period. Voloridge Investment Management LLC lifted its position in Praxis Precision Medicines by 54.4% in the fourth quarter. Voloridge Investment Management LLC now owns 116,062 shares of the company's stock valued at $8,932,000 after purchasing an additional 40,875 shares during the last quarter. Finally, VR Adviser LLC boosted its stake in shares of Praxis Precision Medicines by 40.2% during the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company's stock valued at $76,189,000 after purchasing an additional 283,854 shares during the period. 67.84% of the stock is owned by 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.