Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 3.8%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) fell 3.8% during trading on Wednesday . The stock traded as low as $58.40 and last traded at $59.79. 51,993 shares were traded during trading, a decline of 71% from the average session volume of 180,907 shares. The stock had previously closed at $62.18.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PRAX. Truist Financial reissued a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, December 4th. HC Wainwright reiterated a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday. Wedbush upped their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, January 12th. Finally, Jefferies Financial Group lifted their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research report on Tuesday.

Praxis Precision Medicines Trading Up 3.1 %

The business’s 50 day simple moving average is $47.31 and its 200 day simple moving average is $30.15.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) EPS for the quarter, beating the consensus estimate of ($3.05) by $0.08. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. On average, equities analysts forecast that Praxis Precision Medicines, Inc. will post -8.78 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Large investors have recently made changes to their positions in the business. Barclays PLC raised its stake in Praxis Precision Medicines by 557.0% during the 4th quarter. Barclays PLC now owns 10,539 shares of the company’s stock valued at $25,000 after purchasing an additional 8,935 shares during the period. Legal & General Group Plc lifted its holdings in shares of Praxis Precision Medicines by 61.2% in the second quarter. Legal & General Group Plc now owns 12,736 shares of the company’s stock worth $31,000 after buying an additional 4,834 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Praxis Precision Medicines by 66.1% during the first quarter. JPMorgan Chase & Co. now owns 38,001 shares of the company’s stock worth $31,000 after acquiring an additional 15,121 shares during the last quarter. Simplex Trading LLC bought a new stake in Praxis Precision Medicines in the 4th quarter valued at $31,000. Finally, Principal Financial Group Inc. lifted its stake in Praxis Precision Medicines by 66.6% in the 2nd quarter. Principal Financial Group Inc. now owns 31,771 shares of the company’s stock worth $37,000 after purchasing an additional 12,700 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.