Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down to $51.82

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) gapped down before the market opened on Tuesday . The stock had previously closed at $51.82, but opened at $49.58. Praxis Precision Medicines shares last traded at $50.50, with a volume of 24,024 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PRAX shares. Piper Sandler reissued an “overweight” rating and issued a $270.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, July 1st. Truist Financial reissued a “buy” rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Oppenheimer restated an “outperform” rating and set a $134.00 price target on shares of Praxis Precision Medicines in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. Finally, Guggenheim boosted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.78.

Praxis Precision Medicines Stock Down 1.9 %

The company has a market capitalization of $877.06 million, a P/E ratio of -3.23 and a beta of 2.73. The business’s 50-day moving average is $47.55 and its two-hundred day moving average is $48.66.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Monday, May 13th. The company reported ($2.84) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.83). The firm had revenue of $0.43 million for the quarter, compared to the consensus estimate of $2.75 million. Praxis Precision Medicines had a negative return on equity of 101.99% and a negative net margin of 5,711.85%. Analysts predict that Praxis Precision Medicines, Inc. will post -10.08 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PRAX. Simplex Trading LLC purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $31,000. Victory Capital Management Inc. increased its holdings in Praxis Precision Medicines by 25.0% during the fourth quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock worth $350,000 after buying an additional 3,137 shares during the last quarter. DLD Asset Management LP bought a new stake in Praxis Precision Medicines in the fourth quarter worth about $223,000. Wildcat Capital Management LLC purchased a new position in Praxis Precision Medicines in the fourth quarter valued at about $373,000. Finally, PCG Wealth Advisors LLC bought a new position in shares of Praxis Precision Medicines during the 1st quarter valued at approximately $788,000. Hedge funds and other 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.