Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 8.6% – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares fell 8.6% during mid-day trading on Tuesday . The stock traded as low as $86.91 and last traded at $82.96. 114,411 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 361,814 shares. The stock had previously closed at $90.77.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRAX. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Truist Financial boosted their price objective on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. 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 report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, February 10th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $145.20.

Praxis Precision Medicines Trading Down 1.9 %

The business’s 50-day simple moving average is $77.15 and its 200-day simple moving average is $69.02. The company has a market cap of $1.48 billion, a PE ratio of -7.72 and a beta of 2.65.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors have recently bought and sold shares of PRAX. GF Fund Management CO. LTD. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Praxis Precision Medicines in the fourth quarter worth approximately $48,000. US Bancorp DE raised its position in Praxis Precision Medicines by 35.9% during the third 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 stake in Praxis Precision Medicines in the fourth quarter valued at approximately $209,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Praxis Precision Medicines in the fourth quarter worth approximately $215,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.