Praxis Precision Medicines (NASDAQ:PRAX) Stock Falls 5.1% - Here's What Happened

Key Points

• Praxis Precision Medicines shares fell 5.1% to about $280.33 in Monday trading, with volume down 79% from the average session.
• Despite the decline, analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $612.42.
• The company reported quarterly EPS of -$2.87, beating expectations of -$3.67, while institutional investors own approximately 67.84% of its stock.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s stock price was down 5.1% on Monday. The company traded as low as $278.01 and last traded at $280.3330. Approximately 97,919 shares were traded during mid-day trading, a decline of 79% from the average session volume of 460,866 shares. The stock had previously closed at $295.51.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PRAX shares. BTIG Research reaffirmed a "buy" rating and set a $810.00 price target on shares of Praxis Precision Medicines in a report on Wednesday, July 29th. Piper Sandler reissued an "overweight" rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Royal Bank Of Canada restated an "outperform" rating and set a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Wells Fargo & Company restated a "positive" rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $1,201.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $612.42.

Praxis Precision Medicines Trading Down 3.7%

The stock has a market cap of $7.95 billion, a P/E ratio of -22.00 and a beta of 2.79. The company's 50 day moving average price is $333.59 and its two-hundred day moving average price is $321.20.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.67) by $0.80. On average, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -13.9 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in Praxis Precision Medicines by 6.8% in the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company's stock worth $1,113,514,000 after purchasing an additional 218,777 shares during the period. Perceptive Advisors LLC grew its holdings in Praxis Precision Medicines by 2.0% during the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company's stock valued at $655,974,000 after purchasing an additional 40,000 shares during the period. Baker BROS. Advisors LP lifted its position in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock valued at $332,021,000 after buying an additional 437,000 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Praxis Precision Medicines by 20.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company's stock worth $211,088,000 after acquiring an additional 123,163 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Praxis Precision Medicines by 2.3% during the 1st quarter. Bank of America Corp DE now owns 534,604 shares of the company's stock worth $172,244,000 after acquiring an additional 11,841 shares during the period. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis' pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.

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