Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 8.6% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares traded down 8.6% on Tuesday . The stock traded as low as $86.91 and last traded at $82.96. 114,411 shares were traded during mid-day trading, a decline of 68% from the average session volume of 361,814 shares. The stock had previously closed at $90.77.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PRAX shares. Needham & Company LLC restated a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, February 10th. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Truist Financial raised their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Oppenheimer increased their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $145.20.

Praxis Precision Medicines Price Performance

The company has a 50 day moving average of $77.04 and a 200-day moving average of $68.94. The company has a market cap of $1.47 billion, a P/E ratio of -7.64 and a beta of 2.65.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. US Bancorp DE increased its holdings in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the last quarter. Graham Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $209,000. KLP Kapitalforvaltning AS bought a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $215,000. Finally, Intech Investment Management LLC purchased a new position in Praxis Precision Medicines in the third quarter worth $217,000. 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.