Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.2% – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price dropped 6.2% on Tuesday . The stock traded as low as $36.91 and last traded at $36.52. Approximately 93,359 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 347,516 shares. The stock had previously closed at $38.93.

Analyst Ratings Changes

PRAX has been the subject of several analyst reports. Needham & Company LLC lowered their price objective on 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 lowered their price target on 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 assumed coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target for the company. Robert W. Baird lowered their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Finally, Wedbush lowered Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Price Performance

The company has a market capitalization of $782.83 million, a price-to-earnings ratio of -3.79 and a beta of 2.76. The stock has a 50 day simple moving average of $65.80 and a two-hundred day simple moving average of $68.32.

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

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. GF Fund Management CO. LTD. acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth about $48,000. Graham Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth about $209,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth about $215,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Praxis Precision Medicines during the third quarter worth about $217,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.