Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 6.5% - Here's What Happened

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) fell 6.5% during mid-day trading on Tuesday . The stock traded as low as $79.00 and last traded at $79.35. 98,872 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 348,417 shares. The stock had previously closed at $84.85.

Wall Street Analysts Forecast Growth

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

Praxis Precision Medicines Stock Performance

The company has a 50-day moving average price of $76.38 and a 200-day moving average price of $68.39. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -8.81 and a beta of 2.65.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently made changes to their positions in the company. Freestone Grove Partners LP acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at about $237,000. Schonfeld Strategic Advisors LLC boosted its position in shares of Praxis Precision Medicines by 51.5% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 43,100 shares of the company's stock valued at $3,317,000 after purchasing an additional 14,649 shares during the period. Northern Trust Corp boosted its position in shares of Praxis Precision Medicines by 10.1% in the 4th quarter. Northern Trust Corp now owns 167,590 shares of the company's stock valued at $12,898,000 after purchasing an additional 15,323 shares during the period. The Manufacturers Life Insurance Company raised its stake in Praxis Precision Medicines by 9.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 38,483 shares of the company's stock valued at $2,962,000 after acquiring an additional 3,344 shares during the last quarter. Finally, Quarry LP raised its stake in Praxis Precision Medicines by 320.0% during the 4th quarter. Quarry LP now owns 4,200 shares of the company's stock valued at $323,000 after acquiring an additional 3,200 shares during the last quarter. 67.84% of the stock is 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.