Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 6.6% - Should You Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price traded down 6.6% on Tuesday . The stock traded as low as $30.62 and last traded at $29.44. 147,724 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 361,105 shares. The stock had previously closed at $31.53.

Analyst Ratings Changes

A number of research analysts recently issued reports on PRAX shares. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a "buy" rating and a $111.00 target price on the stock. HC Wainwright decreased their price target 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. Robert W. Baird cut their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Needham & Company LLC restated a "buy" rating and issued a $85.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, April 8th. Finally, Wedbush downgraded Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $123.33.

Praxis Precision Medicines Trading Up 4.5 %

The stock has a 50-day simple moving average of $50.81 and a 200 day simple moving average of $65.05. The stock has a market capitalization of $599.65 million, a price-to-earnings ratio of -2.89 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing the consensus estimate of ($2.76) by ($0.18). 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. Sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its stake in shares of Praxis Precision Medicines by 5,437.7% during 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 raised its position in Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock valued at $71,621,000 after acquiring an additional 405,957 shares in the last quarter. VR Adviser LLC lifted its stake in Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company's stock valued at $76,189,000 after acquiring an additional 283,854 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Praxis Precision Medicines in the fourth quarter worth approximately $17,454,000. Finally, Franklin Resources Inc. increased its stake in shares of Praxis Precision Medicines by 85.6% during 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 during the last quarter. Hedge funds and other institutional investors 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.