Praxis Precision Medicines (NASDAQ:PRAX) Price Target Lowered to $85.00 at Truist Financial

Praxis Precision Medicines (NASDAQ:PRAX) had its price target decreased by Truist Financial from $175.00 to $85.00 in a report published on Monday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

PRAX has been the topic of several other research reports. Needham & Company LLC decreased their price target on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price on the stock. HC Wainwright lowered their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday. Finally, Robert W. Baird reduced their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Stock Down 13.1 %

Shares of Praxis Precision Medicines stock opened at $33.55 on Monday. 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 price-to-earnings ratio of -3.26 and a beta of 2.65. The firm’s 50-day moving average price is $75.35 and its two-hundred day moving average price is $69.64.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) 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 firm had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. On average, sell-side analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently modified their holdings of the business. Arizona State Retirement System lifted its holdings in Praxis Precision Medicines by 4.2% during the 4th quarter. Arizona State Retirement System now owns 3,851 shares of the company’s stock worth $296,000 after buying an additional 156 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Praxis Precision Medicines by 2.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,135 shares of the company’s stock worth $856,000 after acquiring an additional 258 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $30,000. JPMorgan Chase & Co. lifted its stake in shares of Praxis Precision Medicines by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock worth $450,000 after acquiring an additional 448 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Praxis Precision Medicines by 5.4% in the fourth quarter. MetLife Investment Management LLC now owns 10,675 shares of the company’s stock valued at $822,000 after acquiring an additional 544 shares during the last quarter. Institutional investors 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.