Praxis Precision Medicines (NASDAQ:PRAX) Price Target Cut to $85.00 by Analysts at Truist Financial

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective decreased by equities researchers 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 target price indicates a potential upside of 125.40% from the stock’s previous close.

A number of other brokerages have also recently commented on PRAX. Needham & Company LLC reduced their price target on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a research report on Monday. Deutsche Bank Aktiengesellschaft began 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 cut their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday. Finally, Robert W. Baird lowered their target price 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Praxis Precision Medicines Price Performance

Shares of PRAX traded down $0.89 on Monday, reaching $37.71. The company’s stock had a trading volume of 282,547 shares, compared to its average volume of 447,527. The stock’s 50 day simple moving average is $76.23 and its two-hundred day simple moving average is $69.79. The stock has a market capitalization of $702.84 million, a P/E ratio of -3.66 and a beta of 2.65. Praxis Precision Medicines has a 12-month low of $33.01 and a 12-month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The business had revenue of $7.48 million for the quarter, compared to analysts’ expectations 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%. Analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $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 raised its holdings in Praxis Precision Medicines by 35.9% during the 3rd 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 period. Graham Capital Management L.P. bought a new stake in Praxis Precision Medicines in the fourth quarter worth $209,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Praxis Precision Medicines during the fourth quarter worth $215,000. 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.