Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 5.6% - Here's Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares were down 5.6% on Friday . The company traded as low as $37.03 and last traded at $36.31. Approximately 6,030 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 385,349 shares. The stock had previously closed at $38.45.

Analysts Set New Price Targets

Several brokerages have recently commented on PRAX. Chardan Capital assumed coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a "buy" rating and a $80.00 price objective on the stock. Robert W. Baird decreased their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, May 5th. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 target price for the company. Finally, HC Wainwright reiterated a "buy" rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $109.90.

Praxis Precision Medicines Stock Performance

The stock has a fifty day moving average price of $35.66 and a 200-day moving average price of $56.69. The firm has a market capitalization of $839.20 million, a PE ratio of -4.00 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. Research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PRAX. GF Fund Management CO. LTD. acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $48,000. GAMMA Investing LLC boosted its position in shares of Praxis Precision Medicines by 6,075.4% in the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after purchasing an additional 3,949 shares in the last quarter. Graham Capital Management L.P. purchased a new position in Praxis Precision Medicines during the 4th quarter worth $209,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Praxis Precision Medicines during the 4th quarter worth $215,000. 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.