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

Key Points

• Praxis Precision Medicines shares experienced a gap down, opening at $52.00 after closing at $54.09, and last traded at $48.58 with significant trading volume of 552,546 shares.
• Research analysts maintain a generally positive outlook, with eight buy ratings and an average price target of $94.11, despite one analyst issuing a sell rating.
• The company's latest earnings report showed an EPS of ($3.31), slightly beating analyst expectations, but it also reported a negative net margin of 2,137.48% and forecasted EPS of -10.22 for the current fiscal year.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $54.09, but opened at $52.00. Praxis Precision Medicines shares last traded at $48.58, with a volume of 552,546 shares.

Analyst Ratings Changes

PRAX has been the topic of a number of research analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Chardan Capital restated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. HC Wainwright reissued a "buy" rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a report on Friday, July 18th. Oppenheimer lifted their price target on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Wedbush boosted their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research report on Monday, May 5th. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $94.11.

Praxis Precision Medicines Trading Down 13.0%

The stock has a market capitalization of $958.36 million, a PE ratio of -4.39 and a beta of 2.62. The company's 50-day moving average is $47.05 and its 200 day moving average is $48.80.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported ($3.31) EPS for the quarter, beating the consensus estimate 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 50.42%. Sell-side 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 hedge funds and other institutional investors have recently modified their holdings of PRAX. Nisa Investment Advisors LLC raised its position in Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company's stock worth $26,000 after buying an additional 295 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in Praxis Precision Medicines during the 4th quarter worth approximately $30,000. CWM LLC raised its position in Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company's stock worth $32,000 after buying an additional 676 shares during the last quarter. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after buying an additional 3,949 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new position in Praxis Precision Medicines during the 4th quarter worth approximately $209,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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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