Praxis Precision Medicines (NASDAQ:PRAX) Hits New 1-Year Low Following Analyst Downgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price hit a new 52-week low during trading on Tuesday after Wedbush downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $30.01 and last traded at $32.63, with a volume of 94961 shares trading hands. The stock had previously closed at $33.55.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright lowered their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price on the stock. Truist Financial decreased their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday. Oppenheimer raised their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, Robert W. Baird decreased their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $123.80.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. GF Fund Management CO. LTD. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth $48,000. US Bancorp DE raised its position in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the period. Graham Capital Management L.P. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth $209,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth $215,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Up 7.9 %

The firm has a market capitalization of $674.88 million, a PE ratio of -3.52 and a beta of 2.65. The firm has a 50-day moving average of $74.53 and a two-hundred day moving average of $69.53.

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 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 during the quarter, compared to analysts’ expectations of $0.36 million. Equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

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.