Praxis Precision Medicines (NASDAQ:PRAX) Hits New 12-Month Low – Should You Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares reached a new 52-week low on Monday . The stock traded as low as $30.00 and last traded at $30.97, with a volume of 19737 shares traded. The stock had previously closed at $32.65.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. HC Wainwright cut their price objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Truist Financial cut their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Wedbush downgraded Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th. Robert W. Baird decreased their target price 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, March 3rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average price target of $123.33.

Praxis Precision Medicines Price Performance

The firm’s 50-day moving average is $57.42 and its two-hundred day moving average is $66.60. The company has a market cap of $629.03 million, a P/E ratio of -3.06 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data 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). The company had revenue of $7.48 million during the quarter, compared to the consensus estimate 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 expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its holdings in shares of Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after acquiring an additional 548,986 shares during the last quarter. Janus Henderson Group PLC raised its position in Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after purchasing an additional 405,957 shares during the period. VR Adviser LLC lifted its stake in Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after purchasing an additional 283,854 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $17,454,000. Finally, Franklin Resources Inc. boosted its position in shares of Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares during the period. Institutional investors own 67.84% of the company’s stock.

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.