Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 5.1% - Time to Sell?

Key Points

• Praxis shares fell about 5.1% mid-day to roughly $322.73 from a prior close of $339.93, with volume at ~190,718 shares—down ~60% from the average daily volume of 471,155.
• Wall Street maintains a consensus "Buy" rating with a consensus price target of $590.78, though analyst targets vary widely (from $305 at Wells Fargo to as high as $1,200 at Piper Sandler).
• The company is a clinical-stage biopharma focused on CNS disorders, has a market cap of ~$8.9 billion, reported a quarterly EPS miss (‑$3.50 vs. est. ‑$3.00) and is forecast to post a negative FY EPS of about ‑10.22.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s stock price was down 5.1% during mid-day trading on Thursday . The company traded as low as $322.31 and last traded at $322.7290. Approximately 190,718 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 471,155 shares. The stock had previously closed at $339.93.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PRAX shares. Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the stock an "equal weight" rating in a research note on Friday, February 20th. Truist Financial upgraded shares of Praxis Precision Medicines to a "strong-buy" rating in a research report on Wednesday, March 25th. Raymond James Financial started coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They set a "strong-buy" rating and a $815.00 price target on the stock. BTIG Research restated a "buy" rating and set a $843.00 price target on shares of Praxis Precision Medicines in a research report on Monday, April 6th. Finally, Piper Sandler restated an "overweight" rating and set a $1,200.00 price target (up from $450.00) on shares of Praxis Precision Medicines in a research report on Wednesday, January 28th. Five analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Buy" and a consensus price target of $590.78.

Praxis Precision Medicines Stock Down 6.3%

The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of -23.66 and a beta of 2.94. The business's 50-day moving average is $315.93 and its two-hundred day moving average is $250.38.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing analysts' consensus estimates of ($3.00) by ($0.50). As a group, analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently bought and sold shares of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Praxis Precision Medicines by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock valued at $444,000 after acquiring an additional 573 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Praxis Precision Medicines by 367.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company's stock valued at $3,298,000 after acquiring an additional 68,466 shares during the period. Creative Planning purchased a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $273,000. JPMorgan Chase & Co. raised its stake in shares of Praxis Precision Medicines by 21.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company's stock valued at $586,000 after acquiring an additional 2,459 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of Praxis Precision Medicines by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company's stock valued at $701,000 after acquiring an additional 2,261 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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