Praxis Precision Medicines (NASDAQ:PRAX) Rating Lowered to Sell at Wall Street Zen

Praxis Precision Medicines (NASDAQ:PRAX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently issued reports on PRAX. UBS Group initiated coverage on shares of Praxis Precision Medicines in a research note on Wednesday. They set a “buy” rating and a $706.00 target price on the stock. Wells Fargo & Company reaffirmed a “positive” rating and issued a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $582.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, September 24th. HC Wainwright reiterated a “buy” rating and set a $1,201.00 price target on shares of Praxis Precision Medicines in a report on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Monday, August 24th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and an average target price of $630.42.

Praxis Precision Medicines Price Performance

PRAX stock opened at $241.76 on Friday. Praxis Precision Medicines has a 52-week low of $154.45 and a 52-week high of $392.70. The company’s 50 day simple moving average is $321.69 and its 200-day simple moving average is $318.60. The firm has a market capitalization of $6.75 billion, a P/E ratio of -18.70 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating the consensus estimate of ($3.67) by $0.80. Sell-side analysts predict that Praxis Precision Medicines will post -13.90 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the stock. Seven Fleet Capital Management LP purchased a new position in Praxis Precision Medicines during the second quarter valued at approximately $2,524,000. Swiss National Bank increased its stake in Praxis Precision Medicines by 15.3% in the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock valued at $15,046,000 after buying an additional 6,200 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Praxis Precision Medicines in the 2nd quarter valued at approximately $2,698,000. Orbimed Advisors LLC lifted its position in Praxis Precision Medicines by 82.5% in the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock worth $55,578,000 after buying an additional 78,000 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new stake in Praxis Precision Medicines in the 1st quarter worth approximately $1,156,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.