Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 6.1%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price fell 6.1% during mid-day trading on Wednesday . The stock traded as low as $51.82 and last traded at $52.18. 81,782 shares changed hands during trading, a decline of 62% from the average session volume of 213,917 shares. The stock had previously closed at $55.57.

Analyst Ratings Changes

Several brokerages have issued reports on PRAX. 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. Wedbush raised their price target on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a "neutral" rating in a report on Friday, January 12th. Finally, Jefferies Financial Group increased their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a "buy" rating in a research report on Tuesday, March 26th.

Praxis Precision Medicines Stock Down 4.6 %

The firm has a market cap of $701.72 million, a price-to-earnings ratio of -2.24 and a beta of 2.89. The stock has a 50 day moving average of $48.52 and a 200 day moving average of $31.11.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, beating analysts' consensus estimates of ($3.05) by $0.08. The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. As a group, analysts predict that Praxis Precision Medicines, Inc. will post -8.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. Barclays PLC raised its stake in Praxis Precision Medicines by 557.0% in the fourth quarter. Barclays PLC now owns 10,539 shares of the company's stock valued at $25,000 after purchasing an additional 8,935 shares in the last quarter. Simplex Trading LLC acquired a new position in Praxis Precision Medicines during the fourth quarter worth about $31,000. Legal & General Group Plc raised its stake in Praxis Precision Medicines by 61.2% during the second quarter. Legal & General Group Plc now owns 12,736 shares of the company's stock worth $31,000 after acquiring an additional 4,834 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Praxis Precision Medicines by 66.1% during the first quarter. JPMorgan Chase & Co. now owns 38,001 shares of the company's stock worth $31,000 after acquiring an additional 15,121 shares in the last quarter. Finally, Squarepoint Ops LLC raised its stake in Praxis Precision Medicines by 81.7% during the first quarter. Squarepoint Ops LLC now owns 46,537 shares of the company's stock worth $38,000 after acquiring an additional 20,919 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Praxis Precision Medicines Company Profile

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.