Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 3.6%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares were down 3.6% during trading on Wednesday . The stock traded as low as $55.37 and last traded at $55.37. Approximately 18,548 shares changed hands during trading, a decline of 93% from the average daily volume of 274,849 shares. The stock had previously closed at $57.43.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PRAX shares. Wedbush boosted their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and issued a $270.00 target price on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, September 10th. Finally, Guggenheim raised their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average target price of $143.44.

Praxis Precision Medicines Stock Performance

The firm has a 50-day moving average of $55.73 and a 200 day moving average of $50.92.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. The company had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. On average, research analysts forecast that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently made changes to their positions in PRAX. Price T Rowe Associates Inc. MD acquired a new stake in Praxis Precision Medicines in the first quarter valued at approximately $32,707,000. Vanguard Group Inc. lifted its stake in shares of Praxis Precision Medicines by 100.6% in the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Praxis Precision Medicines by 46.6% during the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after buying an additional 16,312 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of Praxis Precision Medicines during the second quarter worth about $451,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Praxis Precision Medicines during the second quarter worth about $2,048,000. 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.