Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 2.6%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares dropped 2.6% on Wednesday . The stock traded as low as $50.99 and last traded at $51.05. Approximately 8,129 shares traded hands during trading, a decline of 96% from the average daily volume of 211,140 shares. The stock had previously closed at $52.41.

Analyst Ratings Changes

PRAX has been the subject of several research reports. Wedbush increased their price target on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the company a "neutral" rating in a research report on Friday, January 12th. HC Wainwright reaffirmed a "buy" rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, March 26th. Finally, Jefferies Financial Group upped their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a "buy" rating in a report on Tuesday, March 26th.

Praxis Precision Medicines Price Performance

The stock has a market capitalization of $672.23 million, a PE ratio of -2.15 and a beta of 2.89. The business's fifty day moving average price is $50.90 and its 200-day moving average price is $33.22.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. On average, analysts expect that Praxis Precision Medicines, Inc. will post -8.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank increased its position in shares of Praxis Precision Medicines by 7.9% in the first quarter. Swiss National Bank now owns 53,100 shares of the company's stock worth $542,000 after purchasing an additional 3,900 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Praxis Precision Medicines by 17.5% in the first quarter. JPMorgan Chase & Co. now owns 33,795 shares of the company's stock worth $345,000 after purchasing an additional 5,022 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Praxis Precision Medicines by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 109,522 shares of the company's stock worth $1,118,000 after purchasing an additional 1,940 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Praxis Precision Medicines by 48.4% in the first quarter. MetLife Investment Management LLC now owns 19,433 shares of the company's stock worth $198,000 after purchasing an additional 6,340 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Praxis Precision Medicines by 9.1% in the first quarter. Rhumbline Advisers now owns 41,376 shares of the company's stock worth $422,000 after purchasing an additional 3,467 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.