Praxis Precision Medicines (NASDAQ:PRAX) Price Target Cut to $85.00 by Analysts at Needham & Company LLC

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective reduced by Needham & Company LLC from $150.00 to $85.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

PRAX has been the subject of several other reports. Robert W. Baird lowered their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price for the company. Truist Financial upped their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Trading Down 13.1 %

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

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The firm had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. As a group, sell-side analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently added to or reduced their stakes in PRAX. GF Fund Management CO. LTD. acquired a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. US Bancorp DE raised its stake in shares of Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after acquiring an additional 605 shares during the last quarter. Graham Capital Management L.P. bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $209,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $215,000. 67.84% of the stock is owned by institutional investors and hedge funds.

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.