Praxis Precision Medicines (NASDAQ:PRAX) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Praxis Precision Medicines (NASDAQ:PRAX) from a hold rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

PRAX has been the topic of a number of other reports. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $945.00 target price on shares of Praxis Precision Medicines in a report on Monday, August 17th. JPMorgan Chase & Co. assumed coverage on shares of Praxis Precision Medicines in a research note on Friday. They set an “overweight” rating and a $700.00 price target for the company. Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research note on Friday, August 7th. The Goldman Sachs Group reissued a “buy” rating and set a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $630.42.

Praxis Precision Medicines Trading Up 7.6%

Shares of NASDAQ PRAX opened at $260.17 on Friday. Praxis Precision Medicines has a twelve month low of $154.45 and a twelve month high of $392.70. The stock has a 50 day moving average of $319.55 and a two-hundred day moving average of $318.16. The stock has a market cap of $7.26 billion, a P/E ratio of -20.12 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, beating the consensus estimate of ($3.67) by $0.80. As a group, research analysts predict that Praxis Precision Medicines will post -13.90 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PRAX. Integrated Wealth Concepts LLC purchased a new position in Praxis Precision Medicines during the 2nd quarter worth $38,000. Parallel Advisors LLC lifted its stake in shares of Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after acquiring an additional 120 shares during the period. IFP Advisors Inc lifted its stake in shares of Praxis Precision Medicines by 632.0% in the 3rd quarter. IFP Advisors Inc now owns 183 shares of the company’s stock worth $53,000 after acquiring an additional 158 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Praxis Precision Medicines by 10.3% in the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock valued at $111,000 after acquiring an additional 31 shares in the last quarter. Finally, ABS Direct Equity Fund LLC purchased a new stake in shares of Praxis Precision Medicines in the first quarter valued at about $135,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for disorders of the central nervous system. The company applies its Cerebrum™ platform, which combines human genetics, neuroscience and data science, to identify disease mechanisms and advance precision medicines for patients with neurological and psychiatric conditions.

Its pipeline has included investigational treatments for epilepsy and other severe neurological disorders. Key programs have included PRAX-628, a small-molecule antiseizure medicine candidate, and elsunersen, an antisense oligonucleotide program being developed for certain genetically defined forms of epilepsy.