Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 6.3% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares fell 6.3% during mid-day trading on Thursday . The company traded as low as $188.00 and last traded at $177.4360. 315,414 shares traded hands during trading, a decline of 44% from the average session volume of 558,669 shares. The stock had previously closed at $189.32.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Guggenheim reissued a “buy” rating and set a $540.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 6th. Truist Financial reissued a “buy” rating and issued a $360.00 price target (up from $85.00) on shares of Praxis Precision Medicines in a research report on Friday, October 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Thursday, November 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $300.00 target price (up previously from $65.00) on shares of Praxis Precision Medicines in a research note on Thursday, October 16th. Finally, Needham & Company LLC boosted their target price on shares of Praxis Precision Medicines from $80.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.50.

Praxis Precision Medicines Price Performance

The firm has a market cap of $4.34 billion, a price-to-earnings ratio of -13.44 and a beta of 2.82. The firm has a fifty day simple moving average of $115.97 and a two-hundred day simple moving average of $70.01.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, beating the consensus estimate of ($3.45) by $0.09. Equities 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

Large investors have recently made changes to their positions in the stock. Woodline Partners LP increased its position in shares of Praxis Precision Medicines by 808.9% in the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after acquiring an additional 371,717 shares during the period. Dark Forest Capital Management LP purchased a new stake in Praxis Precision Medicines during the 3rd quarter valued at about $1,149,000. Alyeska Investment Group L.P. increased its holdings in shares of Praxis Precision Medicines by 13.2% in the third quarter. Alyeska Investment Group L.P. now owns 141,516 shares of the company’s stock valued at $7,500,000 after purchasing an additional 16,516 shares during the period. Vivo Capital LLC raised its stake in shares of Praxis Precision Medicines by 18.7% in the third quarter. Vivo Capital LLC now owns 198,895 shares of the company’s stock worth $10,541,000 after purchasing an additional 31,295 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of Praxis Precision Medicines by 316.7% during the third quarter. Quarry LP now owns 20,001 shares of the company’s stock worth $1,060,000 after purchasing an additional 15,201 shares during the period. 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.