Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 2.6%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price fell 2.6% during trading on Wednesday . The company traded as low as $50.99 and last traded at $51.05. 8,129 shares traded hands during trading, a decline of 96% from the average session volume of 211,140 shares. The stock had previously closed at $52.41.

Analyst Upgrades and Downgrades

A number of research firms have commented on PRAX. Jefferies Financial Group raised their price objective on Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. HC Wainwright restated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, March 26th. Finally, Wedbush lifted their price target on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, January 12th.

Praxis Precision Medicines Trading Down 5.3 %

The business has a fifty day simple moving average of $50.90 and a 200 day simple moving average of $33.22. The stock has a market capitalization of $656.87 million, a P/E ratio of -2.02 and a beta of 2.89.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.05) by $0.08. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. As a group, research analysts forecast that Praxis Precision Medicines, Inc. will post -8.64 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the stock. Swiss National Bank increased its holdings in shares of Praxis Precision Medicines by 7.9% in the first quarter. Swiss National Bank now owns 53,100 shares of the company’s stock worth $542,000 after purchasing an additional 3,900 shares during the period. JPMorgan Chase & Co. increased its stake in Praxis Precision Medicines by 17.5% in the first quarter. JPMorgan Chase & Co. now owns 33,795 shares of the company’s stock valued at $345,000 after acquiring an additional 5,022 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Praxis Precision Medicines by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 109,522 shares of the company’s stock valued at $1,118,000 after acquiring an additional 1,940 shares during the last quarter. MetLife Investment Management LLC increased its stake in Praxis Precision Medicines by 48.4% in the first quarter. MetLife Investment Management LLC now owns 19,433 shares of the company’s stock valued at $198,000 after acquiring an additional 6,340 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Praxis Precision Medicines by 9.1% in the first quarter. Rhumbline Advisers now owns 41,376 shares of the company’s stock valued at $422,000 after acquiring an additional 3,467 shares during the last quarter. 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.