Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 5.1% – Here’s What Happened

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price dropped 5.1% during trading on Thursday . The company traded as low as $322.31 and last traded at $322.7290. Approximately 190,718 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 471,155 shares. The stock had previously closed at $339.93.

Wall Street Analysts Forecast Growth

PRAX has been the subject of a number of analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, January 29th. HC Wainwright reaffirmed a “buy” rating and issued a $1,245.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Raymond James Financial initiated coverage on shares of Praxis Precision Medicines in a report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target for the company. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $1,200.00 price target (up from $450.00) on shares of Praxis Precision Medicines in a report on Wednesday, January 28th. Five research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $590.78.

Praxis Precision Medicines Trading Up 6.9%

The business’s 50 day moving average is $316.68 and its 200 day moving average is $252.88. The stock has a market capitalization of $9.54 billion, a PE ratio of -25.45 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). As a group, analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently made changes to their positions in the company. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $38,000. Danske Bank A S purchased a new stake in Praxis Precision Medicines in the 4th quarter valued at about $59,000. GAMMA Investing LLC boosted its position in Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the period. Tower Research Capital LLC TRC boosted its position in Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after buying an additional 359 shares during the period. Finally, AlphaQuest LLC boosted its position in Praxis Precision Medicines by 1,623.3% in the 3rd quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after buying an additional 1,883 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 is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.