Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 7.1% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) dropped 7.1% during mid-day trading on Wednesday . The stock traded as low as $34.24 and last traded at $33.31. Approximately 42,160 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 352,211 shares. The stock had previously closed at $35.86.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRAX. Needham & Company LLC decreased their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. HC Wainwright decreased their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Robert W. Baird dropped their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Truist Financial decreased their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, Wedbush lowered shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $123.80.

Praxis Precision Medicines Stock Down 1.0 %

The business’s 50-day moving average is $63.44 and its 200-day moving average is $67.85. The company has a market capitalization of $715.99 million, a price-to-earnings ratio of -3.44 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The company had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. As a group, analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in PRAX. CIBC Asset Management Inc lifted its stake in shares of Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after purchasing an additional 117,817 shares during the period. Barclays PLC raised its position in shares of Praxis Precision Medicines by 126.8% in the third quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after acquiring an additional 20,759 shares during the period. Franklin Resources Inc. raised its position in shares of Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after acquiring an additional 205,335 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Praxis Precision Medicines by 369.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after acquiring an additional 7,496 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $304,000. 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.