Praxis Precision Medicines (NASDAQ:PRAX) Price Target Cut to $162.00 by Analysts at Wedbush

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective dropped by equities research analysts at Wedbush from $166.00 to $162.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Wedbush’s price target would indicate a potential downside of 47.14% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Guggenheim reiterated a “buy” rating and set a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a research note on Tuesday, February 10th. Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the stock an “equal weight” rating in a research note on Friday, February 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. Raymond James Financial assumed coverage on Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $510.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, April 14th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average target price of $583.78.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $306.50 on Tuesday. Praxis Precision Medicines has a one year low of $37.19 and a one year high of $366.52. The stock has a fifty day moving average of $327.22 and a 200 day moving average of $296.62. The stock has a market cap of $8.54 billion, a PE ratio of -25.07 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. As a group, sell-side analysts predict that Praxis Precision Medicines will post -14.79 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. boosted its stake in Praxis Precision Medicines by 8.2% in the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after purchasing an additional 37 shares during the period. KBC Group NV lifted its position in shares of Praxis Precision Medicines by 5.8% in the first quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after buying an additional 39 shares in the last quarter. Carl P. Sherr & Co. LLC boosted its stake in Praxis Precision Medicines by 8.4% during the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock valued at $313,000 after buying an additional 75 shares during the last quarter. GAMMA Investing LLC boosted its stake in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the last quarter. Finally, CWM LLC boosted its stake in Praxis Precision Medicines by 15.5% during the fourth quarter. CWM LLC now owns 874 shares of the company’s stock valued at $258,000 after buying an additional 117 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

More Praxis Precision Medicines News

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: HC Wainwright kept a buy rating on Praxis Precision Medicines and still sees significant upside despite cutting its price target to $1,201 from $1,245. Benzinga report on price target change
• Neutral Sentiment: Praxis said vormatrigine was generally well tolerated, with a low discontinuation rate, and that the secondary response-rate measure was met. The company also said it is pausing enrollment in POWER2 while it reviews possible program changes. GlobeNewswire program update
• Negative Sentiment: The biggest driver for the stock today is the trial setback: the Phase 2/3 POWER1 study did not meet its primary success measure, raising doubts about vormatrigine’s path forward and pressuring shares. Reuters report on trial miss

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.