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

Key Points

• Praxas Precision Medicines (NASDAQ:PRAX) saw its shares gap down from $46.85 to $41.94 before trading, and last traded at $40.90 with a trading volume of 652,373 shares.
• Analysts maintain a generally positive outlook on the stock, with multiple brokerages issuing "buy" ratings and varying price targets, the highest being $115.00 by HC Wainwright.
• The company reported earnings of ($3.31) per share, surpassing analyst expectations, while also holding a significant market capitalization of $865.34 million and an anticipated negative EPS for the fiscal year.

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $46.85, but opened at $41.94. Praxis Precision Medicines shares last traded at $40.90, with a volume of 652,373 shares.

Analyst Ratings Changes

Several brokerages have issued reports on PRAX. Chardan Capital restated a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. HC Wainwright reiterated a "buy" rating and set a $115.00 price target (up from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Lifesci Capital raised shares of Praxis Precision Medicines to a "strong-buy" rating in a research note on Wednesday, September 3rd. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $85.88.

Praxis Precision Medicines Trading Down 12.3%

The firm's 50 day simple moving average is $49.46 and its two-hundred day simple moving average is $42.90. The firm has a market cap of $865.34 million, a price-to-earnings ratio of -3.35 and a beta of 2.61.

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 (EPS) for the quarter, topping 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%. As a group, equities 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 have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its position in shares of Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock valued at $26,000 after purchasing an additional 295 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $30,000. CWM LLC raised its holdings in Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company's stock worth $32,000 after purchasing an additional 676 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock valued at $77,000 after purchasing an additional 359 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Praxis Precision Medicines by 6,075.4% in the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after acquiring an additional 3,949 shares during 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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