Needham & Company LLC Issues Pessimistic Forecast for Praxis Precision Medicines (NASDAQ:PRAX) Stock Price

Praxis Precision Medicines (NASDAQ:PRAX) had its target price reduced by stock analysts at Needham & Company LLC from $150.00 to $85.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 120.21% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective for the company. Robert W. Baird dropped their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Finally, Truist Financial raised their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $132.80.

Praxis Precision Medicines Trading Down 40.6 %

NASDAQ PRAX opened at $38.60 on Monday. Praxis Precision Medicines has a 12 month low of $33.01 and a 12 month high of $91.83. The stock’s fifty day moving average price is $76.23 and its 200-day moving average price is $69.79. The stock has a market cap of $719.43 million, a P/E ratio of -3.75 and a beta of 2.65.

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

Hedge Funds Weigh In On Praxis Precision Medicines

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