Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 8.5% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price dropped 8.5% during trading on Wednesday . The stock traded as low as $156.02 and last traded at $157.2010. Approximately 353,424 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 552,155 shares. The stock had previously closed at $171.75.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Oppenheimer lifted their price target on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $280.00 price target (up previously from $65.00) on shares of Praxis Precision Medicines in a research note on Friday, October 17th. Needham & Company LLC lifted their price target on Praxis Precision Medicines from $80.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Lifesci Capital raised Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, September 3rd. Finally, HC Wainwright lifted their price target on Praxis Precision Medicines from $115.00 to $232.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $222.36.

Praxis Precision Medicines Stock Down 6.1%

The business’s 50-day moving average price is $86.25 and its 200-day moving average price is $59.19. The firm has a market capitalization of $3.42 billion, a PE ratio of -13.13 and a beta of 2.82.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. On average, analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. Nisa Investment Advisors LLC raised its position in Praxis Precision Medicines by 88.3% during the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares in the last quarter. CWM LLC raised its position in Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after acquiring an additional 676 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares in the last quarter. AlphaQuest LLC raised its position in Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after acquiring an additional 1,883 shares in the last quarter. Finally, Coastal Bridge Advisors LLC bought a new position in Praxis Precision Medicines during the third quarter valued at approximately $204,000. Institutional investors 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.