Praxis Precision Medicines (NASDAQ:PRAX) Stock Rating Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Praxis Precision Medicines from “hold” to “sell,” despite the broader analyst consensus remaining “Moderate Buy,” with a $630.42 average price target.
• Praxis shares opened at $241.76, down 2.6%, well below their 50-day and 200-day moving averages of approximately $322 and $318, respectively. The stock has traded between $154.45 and $392.70 over the past year.
• The clinical-stage biopharmaceutical company reported a quarterly loss of $2.87 per share, beating estimates for a $3.67 loss; institutional investors and hedge funds own approximately 67.84% of the stock.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on PRAX. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a research note on Friday, August 7th. Raymond James Financial reissued a "strong-buy" rating and issued a $945.00 price target on shares of Praxis Precision Medicines in a research note on Monday, August 17th. Royal Bank Of Canada restated an "outperform" rating and issued a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. BTIG Research raised their price objective on shares of Praxis Precision Medicines from $810.00 to $826.00 and gave the company a "buy" rating in a research report on Tuesday, October 6th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $630.42.

Praxis Precision Medicines Trading Down 2.6%

NASDAQ PRAX opened at $241.76 on Friday. Praxis Precision Medicines has a 1-year low of $154.45 and a 1-year high of $392.70. The firm's fifty day simple moving average is $321.69 and its 200-day simple moving average is $318.31. The company has a market capitalization of $6.75 billion, a PE ratio of -18.70 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.67) by $0.80. As a group, analysts predict that Praxis Precision Medicines will post -13.90 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new stake in shares of Praxis Precision Medicines in the second quarter valued at about $38,000. Parallel Advisors LLC raised its position in shares of Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after buying an additional 120 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Praxis Precision Medicines by 10.3% in the second quarter. GAMMA Investing LLC now owns 332 shares of the company's stock valued at $111,000 after buying an additional 31 shares during the period. ABS Direct Equity Fund LLC bought a new stake in shares of Praxis Precision Medicines in the first quarter valued at about $135,000. Finally, KBC Group NV lifted its stake in shares of Praxis Precision Medicines by 5.8% in the first quarter. KBC Group NV now owns 715 shares of the company's stock valued at $230,000 after buying an additional 39 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis' pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.

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