Truist Financial Cuts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $85.00

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) had its price target reduced by equities researchers at Truist Financial from $175.00 to $85.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price objective would indicate a potential upside of 153.35% from the company's current price.

Other research analysts also recently issued reports about the company. Robert W. Baird reduced their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 target price on the stock. Needham & Company LLC dropped their target price on Praxis Precision Medicines from $150.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday. Finally, HC Wainwright dropped 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. 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, Praxis Precision Medicines has an average rating of "Moderate Buy" and an average price target of $123.80.

Praxis Precision Medicines Stock Performance

PRAX traded down $5.05 during trading on Monday, hitting $33.55. 1,189,932 shares of the stock were exchanged, compared to its average volume of 471,268. The firm has a 50 day simple moving average of $75.35 and a 200 day simple moving average of $69.64. The firm has a market cap of $625.30 million, a price-to-earnings ratio of -3.26 and a beta of 2.65. Praxis Precision Medicines has a 1 year low of $33.01 and a 1 year high of $91.83.

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 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%. As a group, equities analysts anticipate 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 institutional investors have recently made changes to their positions in PRAX. Assenagon Asset Management S.A. boosted its position in shares of Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock worth $43,027,000 after purchasing an additional 548,986 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of 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 purchasing an additional 405,957 shares in the last quarter. VR Adviser LLC boosted its position in shares of 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 purchasing an additional 283,854 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $17,454,000. Finally, Franklin Resources Inc. boosted its position 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 in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

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.