Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 5.1% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares dropped 5.1% during trading on Tuesday . The company traded as low as $35.62 and last traded at $35.95. Approximately 199,935 shares were traded during trading, a decline of 44% from the average daily volume of 356,360 shares. The stock had previously closed at $37.87.

Analyst Ratings Changes

Several research analysts have recently weighed in on PRAX shares. Needham & Company LLC lowered their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Truist Financial cut their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Robert W. Baird dropped their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. HC Wainwright decreased their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Wedbush cut shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $123.33.

Praxis Precision Medicines Trading Down 6.5 %

The stock has a market cap of $713.87 million, a P/E ratio of -3.44 and a beta of 2.76. The company’s 50-day simple moving average is $60.89 and its 200 day simple moving average is $67.28.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc increased its holdings in shares of Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock worth $28,226,000 after buying an additional 117,817 shares during the last quarter. Barclays PLC increased its stake in Praxis Precision Medicines by 126.8% in the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after acquiring an additional 20,759 shares during the last quarter. Franklin Resources Inc. raised 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 valued at $25,619,000 after purchasing an additional 205,335 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Praxis Precision Medicines by 369.4% during the third quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after purchasing an additional 7,496 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth about $304,000. 67.84% of the stock is currently owned by 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.