Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 8.5% – Here’s What Happened

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) fell 8.5% during mid-day trading on Monday . The stock traded as low as $67.10 and last traded at $68.19. 291,558 shares were traded during mid-day trading, a decline of 23% from the average session volume of 380,167 shares. The stock had previously closed at $74.49.

Analysts Set New Price Targets

PRAX has been the subject of a number of research analyst reports. Truist Financial increased their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, February 10th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Oppenheimer increased their target price on shares of 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 shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $145.20.

Praxis Precision Medicines Price Performance

The business has a fifty day moving average of $77.41 and a 200 day moving average of $69.46. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -6.48 and a beta of 2.65.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. US Bancorp DE increased its stake in 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 purchasing an additional 605 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $209,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $215,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.