Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 8.1% - Here's What Happened

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)'s stock price traded down 8.1% during mid-day trading on Tuesday . The company traded as low as $46.58 and last traded at $46.93. 564,393 shares traded hands during mid-day trading, an increase of 25% from the average session volume of 450,480 shares. The stock had previously closed at $51.09.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wedbush lifted their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research note on Monday, May 5th. HC Wainwright reissued a "buy" rating and set a $115.00 price objective (up previously from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Oppenheimer boosted their price objective on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Chardan Capital reissued a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $95.22.

Praxis Precision Medicines Stock Down 2.8%

The company has a market cap of $967.04 million, a PE ratio of -3.74 and a beta of 2.62. The stock has a 50-day simple moving average of $48.11 and a 200 day simple moving average of $48.06.

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

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cormorant Asset Management LP raised its position in Praxis Precision Medicines by 3.1% in the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock valued at $66,083,000 after purchasing an additional 51,781 shares during the period. Adage Capital Partners GP L.L.C. raised its position in Praxis Precision Medicines by 188.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company's stock valued at $65,998,000 after purchasing an additional 1,137,748 shares during the period. Price T Rowe Associates Inc. MD raised its position in Praxis Precision Medicines by 7.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company's stock valued at $93,008,000 after purchasing an additional 88,442 shares during the period. Vanguard Group Inc. raised its position in Praxis Precision Medicines by 2.2% in the first quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock valued at $41,165,000 after purchasing an additional 23,381 shares during the period. Finally, VR Adviser LLC raised its position in Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company's stock valued at $76,189,000 after purchasing an additional 283,854 shares during the period. Hedge funds and other institutional investors 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.