Praxis Precision Medicines (NASDAQ:PRAX) Given New $73.00 Price Target at Robert W. Baird

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective trimmed by Robert W. Baird from $117.00 to $73.00 in a report issued on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, February 10th. Truist Financial boosted their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Praxis Precision Medicines Trading Down 13.1 %

Shares of Praxis Precision Medicines stock opened at $33.55 on Monday. The stock has a fifty day simple moving average of $75.35 and a 200 day simple moving average of $69.64. Praxis Precision Medicines has a 12-month low of $33.01 and a 12-month high of $91.83. The company has a market capitalization of $625.30 million, a P/E ratio of -3.26 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $0.36 million. On average, analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its holdings in Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock worth $28,226,000 after purchasing an additional 117,817 shares in the last quarter. Barclays PLC lifted its holdings in Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after purchasing an additional 20,759 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after purchasing an additional 205,335 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Praxis Precision Medicines by 369.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after purchasing an additional 7,496 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in Praxis Precision Medicines during the 4th quarter worth about $304,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.