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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $105.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday. Truist Financial reiterated a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research report on Monday, December 4th. Wedbush boosted their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, January 12th. Finally, Jefferies Financial Group increased 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 company has a 50 day simple moving average of $47.31 and a 200 day simple moving average of $30.15.

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

Hedge Funds Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. lifted its holdings in Praxis Precision Medicines by 21,000.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 10,550,000 shares of the company’s stock worth $12,132,000 after buying an additional 10,500,000 shares in the last quarter. Cormorant Asset Management LP acquired a new stake in shares of Praxis Precision Medicines in the second quarter valued at $10,925,000. Sphera Funds Management LTD. purchased a new position in Praxis Precision Medicines in the second quarter valued at $10,079,000. State Street Corp grew its stake in Praxis Precision Medicines by 265.9% during the 2nd quarter. State Street Corp now owns 5,098,669 shares of the company’s stock worth $12,492,000 after purchasing an additional 3,705,283 shares in the last quarter. Finally, Silverarc Capital Management LLC purchased a new stake in Praxis Precision Medicines during the 2nd quarter worth about $3,998,000. 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.