Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 7.9% - Should You Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) dropped 7.9% during trading on Friday . The stock traded as low as $70.79 and last traded at $70.79. Approximately 53,913 shares traded hands during trading, a decline of 81% from the average daily volume of 280,365 shares. The stock had previously closed at $76.88.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRAX shares. Oppenheimer lifted their price objective on shares of 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 set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Guggenheim raised their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Finally, Wedbush boosted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $146.33.

Praxis Precision Medicines Stock Performance

The company has a market capitalization of $1.32 billion, a PE ratio of -6.87 and a beta of 2.67. The company's 50-day simple moving average is $66.65 and its 200-day simple moving average is $54.91.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same period in the previous year, the firm posted ($2.70) EPS. Analysts expect that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $25,000. Quarry LP acquired a new stake in Praxis Precision Medicines in the second quarter valued at $83,000. US Bancorp DE increased its position in shares of Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company's stock valued at $132,000 after buying an additional 605 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Praxis Precision Medicines during the 1st quarter worth $150,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Praxis Precision Medicines in the 3rd quarter worth about $217,000. 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.

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