Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down After Earnings Miss

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $65.03, but opened at $39.73. Praxis Precision Medicines shares last traded at $39.56, with a volume of 730,724 shares changing hands.

The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PRAX shares. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. Oppenheimer upped their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, February 10th. Finally, Truist Financial boosted their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $145.20.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc raised its position in shares of Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after purchasing an additional 56,272 shares during the period. Barclays PLC grew its stake in Praxis Precision Medicines by 126.8% in the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after buying an additional 20,759 shares in the last quarter. Franklin Resources Inc. raised its holdings in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after acquiring an additional 205,335 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Praxis Precision Medicines by 369.4% during the third quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after acquiring an additional 7,496 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth $304,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Down 37.4 %

The company has a market capitalization of $758.55 million, a PE ratio of -3.96 and a beta of 2.65. The company has a 50-day moving average price of $76.99 and a two-hundred day moving average price of $69.63.

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.