Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 5.9% - What's Next?

Key Points

• Praxis Precision Medicines stock has declined by 5.9%, trading at $38.35 after previously closing at $40.75, with a notable drop in trading volume.
• Several analysts maintain a buy rating for the stock, with target prices varying from $80.00 to $115.00, indicating positive sentiment among research firms.
• The company reported an EPS of ($3.31) for the last quarter, surpassing estimates, but has a significantly negative net margin and return on equity.

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) fell 5.9% during trading on Tuesday . The company traded as low as $38.00 and last traded at $38.35. 208,129 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 449,336 shares. The stock had previously closed at $40.75.

Analyst Ratings Changes

A number of research firms recently commented on PRAX. Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Oppenheimer lifted their target price on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. 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. Finally, HC Wainwright restated a "buy" rating and set a $115.00 price objective (up from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $85.88.

Praxis Precision Medicines Stock Performance

The firm's 50 day moving average is $49.43 and its 200-day moving average is $42.66. The stock has a market capitalization of $838.21 million, a price-to-earnings ratio of -3.24 and a beta of 2.61.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (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 60.07%. As a group, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Adage Capital Partners GP L.L.C. increased its holdings in Praxis Precision Medicines by 188.1% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company's stock worth $65,998,000 after acquiring an additional 1,137,748 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock worth $71,621,000 after acquiring an additional 405,957 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in Praxis Precision Medicines by 192.0% in the 1st quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock worth $18,238,000 after acquiring an additional 316,686 shares in the last quarter. VR Adviser LLC increased its holdings in Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company's stock worth $76,189,000 after acquiring an additional 283,854 shares in the last quarter. Finally, Vivo Capital LLC purchased a new stake in Praxis Precision Medicines in the 2nd quarter worth $7,048,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.