Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 8.1% - Here's Why

Key Points

• Praxis Precision Medicines' shares fell by 8.1% during mid-day trading, closing at $46.93 after previously being at $51.09.
• Analysts maintain a generally positive outlook, with a consensus rating of "Moderate Buy" and a target price averaging $95.22.
• The company reported an earnings per share of ($3.31) for the last quarter, which exceeded the consensus estimate by $0.09.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares dropped 8.1% during trading on Tuesday . The stock traded as low as $46.58 and last traded at $46.93. Approximately 564,393 shares changed hands during trading, an increase of 25% from the average daily volume of 450,480 shares. The stock had previously closed at $51.09.

Wall Street Analysts Forecast Growth

PRAX has been the subject of several analyst reports. Needham & Company LLC restated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Wedbush upped their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research report on Monday, May 5th. Chardan Capital reaffirmed a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. Oppenheimer increased their target price on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, HC Wainwright reiterated a "buy" rating and issued a $115.00 price target (up from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $95.22.

Praxis Precision Medicines Stock Down 2.3%

The business's 50-day simple moving average is $47.96 and its two-hundred day simple moving average is $48.50. The firm has a market cap of $972.53 million, a price-to-earnings ratio of -3.78 and a beta of 2.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating analysts' consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. On average, analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. boosted its position in shares of Praxis Precision Medicines by 51.2% during the 4th quarter. American Century Companies Inc. now owns 15,594 shares of the company's stock worth $1,200,000 after acquiring an additional 5,281 shares in the last quarter. Vanguard Group Inc. raised its stake in Praxis Precision Medicines by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock worth $81,858,000 after acquiring an additional 24,645 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Praxis Precision Medicines by 24.0% in the fourth quarter. JPMorgan Chase & Co. now owns 9,693 shares of the company's stock valued at $746,000 after acquiring an additional 1,879 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Praxis Precision Medicines by 335.8% during the fourth quarter. Alliancebernstein L.P. now owns 78,627 shares of the company's stock worth $6,051,000 after purchasing an additional 60,587 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Praxis Precision Medicines by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 406,711 shares of the company's stock valued at $31,308,000 after purchasing an additional 7,873 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

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.