Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 5.1% - Here's Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares traded down 5.1% during mid-day trading on Tuesday . The stock traded as low as $35.62 and last traded at $35.95. 199,935 shares traded hands during trading, a decline of 44% from the average session volume of 356,360 shares. The stock had previously closed at $37.87.

Wall Street Analyst Weigh In

PRAX has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price objective for the company. Robert W. Baird dropped their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. HC Wainwright decreased their target price on shares of 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. Wedbush lowered shares of Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research report on Friday, February 28th. Finally, Truist Financial decreased their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $123.33.

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Praxis Precision Medicines Price Performance

The business has a 50 day simple moving average of $57.42 and a 200 day simple moving average of $66.55. The company has a market cap of $658.32 million, a price-to-earnings ratio of -3.17 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly 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 company had revenue of $7.48 million for the quarter, compared to analyst estimates 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 anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRAX. California State Teachers Retirement System lifted its position in Praxis Precision Medicines by 2.2% during the 4th quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock valued at $979,000 after purchasing an additional 275 shares during the period. Polar Asset Management Partners Inc. bought a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $7,590,000. GF Fund Management CO. LTD. acquired a new stake in Praxis Precision Medicines during the 4th quarter worth $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Praxis Precision Medicines by 17.3% during 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 valued at $1,433,000 after acquiring an additional 2,747 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its stake in shares of Praxis Precision Medicines by 54.4% in the 4th 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 period. Institutional investors and hedge funds own 67.84% of the company's stock.

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.