Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 5.1% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares fell 5.1% during trading on Tuesday . The stock traded as low as $35.62 and last traded at $35.95. 199,935 shares traded hands during trading, a decline of 44% from the average session volume of 356,360 shares. The stock had previously closed at $37.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Needham & Company LLC cut their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. HC Wainwright reduced their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price on the stock. Truist Financial cut their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Robert W. Baird lowered their target price on shares of 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. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $123.33.

Praxis Precision Medicines Trading Down 10.3 %

The business’s 50-day moving average price is $59.19 and its 200-day moving average price is $66.90. The stock has a market cap of $671.43 million, a PE ratio of -3.23 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The business had revenue of $7.48 million during the quarter, compared to analysts’ expectations 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 predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently bought and sold shares of PRAX. GF Fund Management CO. LTD. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Praxis Precision Medicines during the 4th quarter worth about $48,000. Graham Capital Management L.P. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter valued at about $209,000. KLP Kapitalforvaltning AS acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $215,000. Finally, Envestnet Asset Management Inc. acquired a new stake in Praxis Precision Medicines during the fourth quarter worth about $231,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.