Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.2% - What's Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price dropped 6.2% on Tuesday . The stock traded as low as $36.91 and last traded at $36.52. Approximately 93,359 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 347,516 shares. The stock had previously closed at $38.93.

Wall Street Analysts Forecast Growth

PRAX has been the topic of several research reports. Wedbush lowered Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 price objective on the stock. HC Wainwright decreased their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. 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 research note on Monday, March 3rd. Finally, Needham & Company LLC decreased their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $123.80.

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Praxis Precision Medicines Stock Down 1.5 %

The firm's 50 day moving average price is $64.56 and its two-hundred day moving average price is $67.99. The firm has a market capitalization of $748.45 million, a PE ratio of -3.60 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings data 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 business 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%. On average, 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 hedge funds have recently added to or reduced their stakes in PRAX. Intech Investment Management LLC acquired a new position in Praxis Precision Medicines during the 3rd quarter worth $217,000. Charles Schwab Investment Management Inc. grew its holdings in Praxis Precision Medicines by 188.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 137,052 shares of the company's stock worth $7,886,000 after acquiring an additional 89,578 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Praxis Precision Medicines by 369.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company's stock worth $548,000 after acquiring an additional 7,496 shares in the last quarter. Glenmede Trust Co. NA acquired a new position in Praxis Precision Medicines during the 3rd quarter worth $240,000. Finally, MetLife Investment Management LLC grew its holdings in Praxis Precision Medicines by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 10,131 shares of the company's stock worth $583,000 after acquiring an additional 5,708 shares in the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

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.