Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 9.5% - Here's What Happened

Key Points

• Praxis Precision Medicines' stock dropped 9.5% on Monday, trading as low as $177.01, with a volume decline of 53% compared to its average daily trading.
• Multiple analysts have given the stock ratings ranging from a strong buy to sell, with a consensus rating of "Moderate Buy" and an average target price of $222.36.
• The company, with a market cap of $3.71 billion, is focused on developing therapies for central nervous system disorders and recently reported earnings that exceeded analysts' expectations.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s stock price dropped 9.5% during trading on Monday . The stock traded as low as $177.01 and last traded at $172.02. Approximately 248,106 shares were traded during trading, a decline of 53% from the average daily volume of 529,605 shares. The stock had previously closed at $189.99.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of research analyst reports. Chardan Capital set a $330.00 target price on Praxis Precision Medicines and gave the stock a "buy" rating in a report on Friday. Jefferies Financial Group reaffirmed a "buy" rating and set a $300.00 price objective (up previously from $65.00) on shares of Praxis Precision Medicines in a research report on Thursday. Wedbush raised their target price on shares of Praxis Precision Medicines from $33.00 to $73.00 and gave the company an "underperform" rating in a research note on Monday. Weiss Ratings restated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $280.00 price objective (up from $65.00) on shares of Praxis Precision Medicines in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $222.36.

Praxis Precision Medicines Price Performance

The company has a market cap of $3.71 billion, a price-to-earnings ratio of -14.24 and a beta of 2.62. The firm has a 50-day moving average price of $52.80 and a 200 day moving average price of $45.93.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted 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. On average, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several hedge funds have recently modified their holdings of PRAX. Woodline Partners LP boosted its stake in Praxis Precision Medicines by 1,666.5% during the first quarter. Woodline Partners LP now owns 175,727 shares of the company's stock worth $6,655,000 after acquiring an additional 165,779 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Praxis Precision Medicines by 6,075.4% during the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock valued at $152,000 after acquiring an additional 3,949 shares in the last quarter. Aberdeen Group plc increased its stake in Praxis Precision Medicines by 143.5% during the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company's stock valued at $9,001,000 after purchasing an additional 126,153 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Praxis Precision Medicines by 19.1% during the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company's stock worth $25,411,000 after acquiring an additional 96,898 shares in the last quarter. Finally, Cormorant Asset Management LP increased its holdings in Praxis Precision Medicines by 3.1% during the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock worth $66,083,000 after purchasing an additional 51,781 shares in the last quarter. 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.

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