Robert W. Baird Cuts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $73.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price target reduced by Robert W. Baird from $117.00 to $73.00 in a report released on Monday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other research analysts have also commented on PRAX. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Truist Financial boosted their target price on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $150.00 target price on shares of Praxis Precision Medicines in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $37.85 on Monday. Praxis Precision Medicines has a one year low of $30.01 and a one year high of $91.83. The firm has a market cap of $763.17 million, a P/E ratio of -3.67 and a beta of 2.76. The firm has a 50-day simple moving average of $73.74 and a 200-day simple moving average of $69.30.

Praxis Precision Medicines (NASDAQ:PRAX) last posted 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 the consensus estimate 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%. On average, research analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of PRAX. Assenagon Asset Management S.A. raised its position in shares of Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after buying an additional 548,986 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after buying an additional 405,957 shares during the last quarter. VR Adviser LLC raised its position in shares of Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after buying an additional 283,854 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $17,454,000. Finally, Franklin Resources Inc. grew its holdings in shares of Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after purchasing an additional 205,335 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.