Praxis Precision Medicines (NASDAQ:PRAX) Reaches New 12-Month Low After Analyst Downgrade

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) hit a new 52-week low on Tuesday after Wedbush downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $30.01 and last traded at $32.63, with a volume of 94961 shares changing hands. The stock had previously closed at $33.55.

PRAX has been the subject of several other reports. HC Wainwright reduced their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday. Oppenheimer raised their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Robert W. Baird reduced their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday. Truist Financial decreased their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday. Finally, Needham & Company LLC decreased their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $123.80.

Institutional Trading of Praxis Precision Medicines

Several hedge funds have recently modified their holdings of PRAX. Assenagon Asset Management S.A. lifted its position in shares of Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after purchasing an additional 548,986 shares during the last quarter. Janus Henderson Group PLC lifted its position in Praxis Precision Medicines by 77.5% during the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock worth $71,621,000 after acquiring an additional 405,957 shares during the period. VR Adviser LLC lifted its holdings 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. Alyeska Investment Group L.P. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $17,454,000. Finally, Franklin Resources Inc. boosted its holdings in Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Price Performance

The stock has a market capitalization of $763.17 million, a PE ratio of -3.67 and a beta of 2.76. The stock has a 50 day moving average of $73.74 and a two-hundred day moving average of $69.30.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $0.36 million. As a group, research analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

About Praxis Precision Medicines

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.