Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 8.5% - Here's What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares were down 8.5% on Monday . The stock traded as low as $67.10 and last traded at $68.19. Approximately 291,558 shares were traded during trading, a decline of 23% from the average daily volume of 380,167 shares. The stock had previously closed at $74.49.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a research note on Monday, February 10th. Truist Financial raised their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Oppenheimer boosted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. HC Wainwright reissued a "buy" rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 target price on the stock. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $145.20.

Praxis Precision Medicines Trading Down 2.8 %

The firm has a fifty day moving average price of $77.14 and a 200 day moving average price of $69.66. The firm has a market cap of $1.24 billion, a PE ratio of -6.47 and a beta of 2.65.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc raised its position in shares of Praxis Precision Medicines by 29.2% during the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company's stock valued at $14,324,000 after buying an additional 56,272 shares during the period. Barclays PLC increased its stake in Praxis Precision Medicines by 126.8% during the third quarter. Barclays PLC now owns 37,130 shares of the company's stock worth $2,136,000 after acquiring an additional 20,759 shares during the last quarter. Franklin Resources Inc. raised 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 valued at $25,619,000 after purchasing an additional 205,335 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Praxis Precision Medicines by 369.4% in the 3rd 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 during the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth $304,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.