Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 2.6%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares were down 2.6% during mid-day trading on Wednesday . The stock traded as low as $50.99 and last traded at $51.05. Approximately 8,129 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 211,140 shares. The stock had previously closed at $52.41.

Wall Street Analysts Forecast Growth

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

Praxis Precision Medicines Stock Performance

The firm has a 50 day moving average of $51.07 and a two-hundred day moving average of $33.43.

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

Hedge Funds Weigh In On Praxis Precision Medicines

Several large investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. lifted its holdings in shares of Praxis Precision Medicines by 21,000.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 10,550,000 shares of the company’s stock valued at $12,132,000 after purchasing an additional 10,500,000 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Praxis Precision Medicines by 10.7% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock worth $15,014,000 after purchasing an additional 849,362 shares during the period. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 135.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,564,114 shares of the company’s stock worth $9,515,000 after purchasing an additional 3,199,541 shares during the last quarter. State Street Corp boosted its stake in shares of Praxis Precision Medicines by 265.9% during the second quarter. State Street Corp now owns 5,098,669 shares of the company’s stock worth $12,492,000 after buying an additional 3,705,283 shares during the period. Finally, Acuta Capital Partners LLC grew its holdings in shares of Praxis Precision Medicines by 5.5% during the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after buying an additional 235,000 shares during the last quarter. Institutional investors and hedge funds 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.