Praxis Precision Medicines (NASDAQ:PRAX) Price Target Cut to $73.00 by Analysts at Robert W. Baird

Praxis Precision Medicines (NASDAQ:PRAX) had its price target cut by Robert W. Baird from $117.00 to $73.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 101.60% from the company’s previous close.

A number of other analysts have also commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a report on Monday, February 10th. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Truist Financial upped their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft began 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 target for the company. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $123.80.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $36.21 on Monday. The company has a market capitalization of $674.88 million, a price-to-earnings ratio of -3.52 and a beta of 2.65. Praxis Precision Medicines has a one year low of $30.01 and a one year high of $91.83. The company’s 50-day moving average is $74.53 and its 200 day moving average is $69.53.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results 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 firm had revenue of $7.48 million during the quarter, compared to the consensus estimate 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%. As a group, research analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several institutional investors have recently made changes to their positions in the business. US Bancorp DE increased its holdings in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in shares of Praxis Precision Medicines during the 3rd quarter valued at $231,000. CIBC Asset Management Inc increased its stake in shares of Praxis Precision Medicines by 29.2% in the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after purchasing an additional 56,272 shares in the last quarter. Intech Investment Management LLC bought a new position in Praxis Precision Medicines in the 3rd quarter worth $217,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Praxis Precision Medicines by 188.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 137,052 shares of the company’s stock valued at $7,886,000 after purchasing an additional 89,578 shares in the last quarter. 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.