Praxis Precision Medicines (NASDAQ:PRAX) Price Target Cut to $34.00 by Analysts at Wedbush

Praxis Precision Medicines (NASDAQ:PRAXGet Rating) had its target price cut by Wedbush from $40.00 to $34.00 in a research report report published on Tuesday morning, The Fly reports. Wedbush also issued estimates for Praxis Precision Medicines’ Q2 2022 earnings at ($1.30) EPS, Q3 2022 earnings at ($1.20) EPS, Q4 2022 earnings at ($1.08) EPS, FY2022 earnings at ($5.07) EPS, Q1 2023 earnings at ($1.09) EPS, Q2 2023 earnings at ($1.10) EPS, Q3 2023 earnings at ($0.98) EPS, Q4 2023 earnings at ($0.92) EPS, FY2023 earnings at ($4.07) EPS, FY2024 earnings at ($4.07) EPS, FY2025 earnings at ($3.67) EPS and FY2026 earnings at $1.95 EPS.

Separately, Zacks Investment Research downgraded shares of Praxis Precision Medicines from a hold rating to a sell rating in a report on Tuesday, May 3rd.

Praxis Precision Medicines stock opened at $10.35 on Tuesday. The company’s 50-day moving average price is $10.01 and its 200-day moving average price is $14.62. Praxis Precision Medicines has a twelve month low of $7.25 and a twelve month high of $23.56. The company has a market cap of $471.05 million, a PE ratio of -2.21 and a beta of 2.04.

Praxis Precision Medicines (NASDAQ:PRAXGet Rating) last posted its earnings results on Monday, May 9th. The company reported ($1.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.29) by ($0.22). During the same period in the previous year, the company posted ($0.71) EPS. As a group, sell-side analysts forecast that Praxis Precision Medicines will post -5.52 earnings per share for the current year.

A number of large investors have recently modified their holdings of PRAX. Morgan Stanley grew its holdings in Praxis Precision Medicines by 2,168.5% during the 2nd quarter. Morgan Stanley now owns 100,017 shares of the company’s stock valued at $1,829,000 after purchasing an additional 95,608 shares during the last quarter. Royal Bank of Canada grew its holdings in Praxis Precision Medicines by 93.6% during the 2nd quarter. Royal Bank of Canada now owns 1,673 shares of the company’s stock valued at $31,000 after purchasing an additional 809 shares during the last quarter. Bank of America Corp DE grew its holdings in Praxis Precision Medicines by 14.5% during the 2nd quarter. Bank of America Corp DE now owns 14,271 shares of the company’s stock valued at $262,000 after purchasing an additional 1,803 shares during the last quarter. SG Americas Securities LLC bought a new position in Praxis Precision Medicines in the 3rd quarter worth about $360,000. Finally, Raymond James & Associates grew its stake in Praxis Precision Medicines by 1.7% in the 3rd quarter. Raymond James & Associates now owns 118,294 shares of the company’s stock worth $2,187,000 after acquiring an additional 1,971 shares in the last quarter. Institutional investors own 96.25% of the company’s stock.

About Praxis Precision Medicines (Get Rating)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

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