Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.1%

Praxis Precision Medicines, Inc. (NASDAQ:PRAXGet Free Report) was down 6.1% on Wednesday . The stock traded as low as $51.82 and last traded at $52.18. Approximately 81,782 shares changed hands during trading, a decline of 62% from the average daily volume of 213,917 shares. The stock had previously closed at $55.57.

Analyst Ratings Changes

Several research firms have commented on PRAX. Wedbush boosted their target price on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, January 12th. HC Wainwright reaffirmed a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, March 26th. Finally, Jefferies Financial Group upped their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th.

Check Out Our Latest Research Report on Praxis Precision Medicines

Praxis Precision Medicines Stock Down 4.6 %

The business has a 50 day moving average of $48.52 and a 200 day moving average of $31.11. The company has a market capitalization of $701.72 million, a P/E ratio of -2.24 and a beta of 2.89.

Praxis Precision Medicines (NASDAQ:PRAXGet Free Report) last posted its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. The business had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.30 million. On average, research analysts anticipate that Praxis Precision Medicines, Inc. will post -8.85 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its position in shares of Praxis Precision Medicines by 21,000.0% during the second quarter. Point72 Asset Management L.P. now owns 10,550,000 shares of the company’s stock worth $12,132,000 after buying an additional 10,500,000 shares during the period. Cormorant Asset Management LP acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $10,925,000. Adage Capital Partners GP L.L.C. raised its position in shares of Praxis Precision Medicines by 10.7% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock worth $15,014,000 after purchasing an additional 849,362 shares during the last quarter. Sphera Funds Management LTD. acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $10,079,000. Finally, Vanguard Group Inc. raised its holdings in Praxis Precision Medicines by 135.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,564,114 shares of the company’s stock valued at $9,515,000 after acquiring an additional 3,199,541 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

About Praxis Precision Medicines

(Get Free Report)

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.

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