Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 8.6% - Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) dropped 8.6% on Tuesday . The company traded as low as $86.91 and last traded at $82.96. Approximately 114,411 shares traded hands during trading, a decline of 68% from the average daily volume of 361,814 shares. The stock had previously closed at $90.77.

Wall Street Analyst Weigh In

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

Praxis Precision Medicines Price Performance

The firm's 50 day moving average price is $77.41 and its two-hundred day moving average price is $69.24. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -7.23 and a beta of 2.65.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc lifted its holdings in Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after purchasing an additional 117,817 shares in the last quarter. Barclays PLC lifted its stake in shares of Praxis Precision Medicines by 126.8% during the third quarter. Barclays PLC now owns 37,130 shares of the company's stock valued at $2,136,000 after buying an additional 20,759 shares during the period. Franklin Resources Inc. boosted its position in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock worth $25,619,000 after acquiring an additional 205,335 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Praxis Precision Medicines by 369.4% in 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 during the period. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in Praxis Precision Medicines in the 4th quarter worth approximately $304,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.