Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 1-Year Low After Analyst Downgrade

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price hit a new 52-week low during mid-day 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 traded. The stock had previously closed at $33.55.

A number of other research analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price on the stock. Truist Financial reduced their target price on shares of 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 target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC cut 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. Finally, HC Wainwright dropped their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Monday. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Institutional Investors Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of PRAX. Polar Asset Management Partners Inc. acquired a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $7,590,000. GF Fund Management CO. LTD. bought a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Praxis Precision Medicines by 17.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,615 shares of the company’s stock worth $1,433,000 after acquiring an additional 2,747 shares during the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Praxis Precision Medicines by 54.4% in the 4th quarter. Voloridge Investment Management LLC now owns 116,062 shares of the company’s stock worth $8,932,000 after acquiring an additional 40,875 shares during the last quarter. Finally, VR Adviser LLC raised its position in shares of Praxis Precision Medicines by 40.2% during 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 period. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Price Performance

The firm has a market capitalization of $619.21 million, a PE ratio of -3.18 and a beta of 2.65. The firm has a fifty day moving average price of $75.35 and a 200 day moving average price of $69.64.

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). The firm had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. On average, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

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.