Truist Financial Has Lowered Expectations for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective dropped by research analysts at Truist Financial from $175.00 to $85.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 134.74% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on PRAX. Needham & Company LLC decreased their price target on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target for the company. HC Wainwright decreased 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. Finally, Robert W. Baird dropped their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average price target of $123.80.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $36.21 on Monday. Praxis Precision Medicines has a one year low of $30.01 and a one year high of $91.83. The company has a fifty day moving average price of $74.53 and a 200 day moving average price of $69.53. The stock has a market cap of $674.88 million, a P/E ratio of -3.52 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. As a group, equities research analysts anticipate that Praxis Precision Medicines will post -10.22 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of PRAX. GF Fund Management CO. LTD. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines during the 4th quarter worth about $48,000. US Bancorp DE increased its position in Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after acquiring an additional 605 shares in the last quarter. Graham Capital Management L.P. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $209,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $215,000. 67.84% of the stock is owned by institutional investors and hedge funds.

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.