Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down After Earnings Miss

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $65.03, but opened at $39.73. Praxis Precision Medicines shares last traded at $39.56, with a volume of 730,724 shares changing hands.

The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $7.48 million for the quarter, compared to the consensus estimate of $0.36 million.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of recent research reports. Truist Financial lifted their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, February 10th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average target price of $145.20.

Institutional Trading of Praxis Precision Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. bought a new stake in Praxis Precision Medicines during the 4th quarter worth about $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $48,000. US Bancorp DE grew its stake in shares of Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $209,000. Finally, KLP Kapitalforvaltning AS bought a new position in Praxis Precision Medicines in the 4th quarter worth approximately $215,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Down 40.6 %

The stock has a market cap of $719.43 million, a price-to-earnings ratio of -3.75 and a beta of 2.65. The firm has a fifty day simple moving average of $76.23 and a 200-day simple moving average of $69.66.

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.