Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 8.1%


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Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price dropped 8.1% during trading on Tuesday . The company traded as low as $30.00 and last traded at $30.38. Approximately 6,077 shares traded hands during trading, a decline of 96% from the average daily volume of 145,122 shares. The stock had previously closed at $33.05.

A number of research analysts have recently commented on the company. Wedbush increased their target price on Praxis Precision Medicines from $51.00 to $61.00 and gave the company an “outperform” rating in a research report on Thursday, January 21st. Zacks Investment Research downgraded shares of Praxis Precision Medicines from a “hold” rating to a “sell” rating in a report on Tuesday, March 23rd. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $60.33.

The stock’s fifty day simple moving average is $39.17.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Tuesday, March 16th. The company reported ($0.87) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.49). Sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -3.6 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new position in Praxis Precision Medicines during the 4th quarter valued at about $555,000. Artal Group S.A. bought a new position in shares of Praxis Precision Medicines in the 4th quarter worth $41,265,000. Harvard Management Co. Inc. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $43,610,000. BlackRock Inc. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $65,881,000. Finally, Vida Ventures Advisors LLC bought a new stake in Praxis Precision Medicines during the fourth quarter valued at about $161,722,000.

About Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

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