Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 7.1% – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price dropped 7.1% on Wednesday . The stock traded as low as $34.24 and last traded at $33.31. Approximately 42,160 shares changed hands during 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 analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Needham & Company LLC lowered their target price on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Truist Financial dropped their price target on 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. Wedbush downgraded Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Finally, Robert W. Baird cut their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.33.

Praxis Precision Medicines Trading Up 1.7 %

The stock has a market capitalization of $783.33 million, a price-to-earnings ratio of -3.77 and a beta of 2.76. The business has a 50 day simple moving average of $62.18 and a 200-day simple moving average of $67.45.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its stake in Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after acquiring an additional 548,986 shares during the last quarter. Janus Henderson Group PLC increased its position in Praxis Precision Medicines by 77.5% during the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after purchasing an additional 405,957 shares in the last quarter. VR Adviser LLC increased its position in Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $17,454,000. Finally, Franklin Resources Inc. lifted its position in Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.