Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 7.1% - Here's Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s stock price fell 7.1% during trading on Wednesday . The stock traded as low as $34.24 and last traded at $33.31. 42,160 shares changed hands during trading, a decline of 88% from the average session volume of 352,211 shares. The stock had previously closed at $35.86.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PRAX shares. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 price target for the company. Robert W. Baird decreased their target price on 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. Truist Financial dropped their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. HC Wainwright reduced their price objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Finally, Needham & Company LLC dropped their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. Based on 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 Trading Down 0.5 %

The company's 50-day moving average is $61.55 and its 200 day moving average is $67.36. The firm has a market cap of $779.50 million, a PE ratio of -3.75 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.76) by ($0.18). The business had revenue of $7.48 million during the quarter, compared to analysts' expectations of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. On average, research analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of large investors have recently made changes to their positions in PRAX. Intech Investment Management LLC purchased a new position in Praxis Precision Medicines during the third quarter valued at approximately $217,000. Charles Schwab Investment Management Inc. increased its stake in shares of Praxis Precision Medicines by 188.7% in the third 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 during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Praxis Precision Medicines by 369.4% in the third 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 during the last quarter. Glenmede Trust Co. NA purchased a new stake in shares of Praxis Precision Medicines during the third quarter worth $240,000. Finally, MetLife Investment Management LLC boosted its position in Praxis Precision Medicines by 129.1% during the third quarter. MetLife Investment Management LLC now owns 10,131 shares of the company's stock valued at $583,000 after purchasing an additional 5,708 shares during the last quarter. 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.