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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares gapped down before the market opened on Monday . The stock had previously closed at $46.85, but opened at $41.94. Praxis Precision Medicines shares last traded at $40.90, with a volume of 652,373 shares traded.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. HC Wainwright reaffirmed a “buy” rating and set a $115.00 price objective (up previously from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Lifesci Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Oppenheimer raised their price objective on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.88.

Praxis Precision Medicines Trading Down 12.3%

The company has a market cap of $865.34 million, a price-to-earnings ratio of -3.35 and a beta of 2.61. The firm has a 50-day moving average price of $49.46 and a 200 day moving average price of $42.90.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 60.07% and a negative net margin of 2,137.48%. Research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of large investors have recently modified their holdings of PRAX. Nisa Investment Advisors LLC lifted its holdings in shares of Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after acquiring an additional 295 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at $30,000. CWM LLC raised its position in Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after buying an additional 359 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Praxis Precision Medicines by 6,075.4% in the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company’s stock valued at $152,000 after purchasing an additional 3,949 shares during the period. Institutional investors 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.