Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 3.6%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was down 3.6% on Wednesday . The company traded as low as $55.37 and last traded at $55.37. Approximately 18,548 shares changed hands during trading, a decline of 93% from the average daily volume of 274,849 shares. The stock had previously closed at $57.43.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Piper Sandler restated an “overweight” rating and issued a $270.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, July 1st. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Guggenheim boosted their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Oppenheimer restated an “outperform” rating and set a $143.00 target price (up from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday, September 4th. Finally, Wedbush upped their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average target price of $143.44.

Praxis Precision Medicines Price Performance

The business’s 50-day moving average price is $55.73 and its 200 day moving average price is $50.92.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The firm had revenue of $0.36 million for the quarter, compared to the consensus estimate of $1.44 million. On average, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new position in shares of Praxis Precision Medicines in the second quarter valued at about $25,000. Quarry LP bought a new stake in shares of Praxis Precision Medicines during the second quarter worth approximately $83,000. SG Americas Securities LLC acquired a new position in shares of Praxis Precision Medicines in the first quarter valued at approximately $150,000. Chase Investment Counsel Corp bought a new position in shares of Praxis Precision Medicines during the first quarter worth approximately $229,000. Finally, Boulder Hill Capital Management LP acquired a new stake in Praxis Precision Medicines during the 1st quarter worth approximately $256,000. Institutional investors and hedge funds 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.