Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 2.6%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares were down 2.6% on Wednesday . The company traded as low as $50.99 and last traded at $51.05. Approximately 8,129 shares changed hands during trading, a decline of 96% from the average daily volume of 211,140 shares. The stock had previously closed at $52.41.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PRAX shares. Jefferies Financial Group raised their price target on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Wedbush increased their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, January 12th. Finally, HC Wainwright reissued a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, March 26th.

Praxis Precision Medicines Trading Down 5.3 %

The firm has a market cap of $656.87 million, a price-to-earnings ratio of -2.02 and a beta of 2.89. The stock has a fifty day moving average price of $50.90 and a 200 day moving average price of $33.22.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.05) by $0.08. The firm had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. On average, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -8.64 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently modified their holdings of the company. Barclays PLC grew its holdings in shares of Praxis Precision Medicines by 557.0% during the 4th quarter. Barclays PLC now owns 10,539 shares of the company’s stock worth $25,000 after purchasing an additional 8,935 shares in the last quarter. Simplex Trading LLC acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $31,000. Legal & General Group Plc grew its holdings in shares of Praxis Precision Medicines by 61.2% during the 2nd quarter. Legal & General Group Plc now owns 12,736 shares of the company’s stock worth $31,000 after purchasing an additional 4,834 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Praxis Precision Medicines by 66.1% during the 1st quarter. JPMorgan Chase & Co. now owns 38,001 shares of the company’s stock worth $31,000 after purchasing an additional 15,121 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of Praxis Precision Medicines by 81.7% during the 1st quarter. Squarepoint Ops LLC now owns 46,537 shares of the company’s stock worth $38,000 after purchasing an additional 20,919 shares in the last quarter. Institutional investors and hedge funds 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.