Truist Financial Cuts Praxis Precision Medicines (NASDAQ:PRAX) Price Target to $85.00

Praxis Precision Medicines (NASDAQ:PRAX) had its price objective lowered by Truist Financial from $175.00 to $85.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. HC Wainwright cut their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday. Robert W. Baird cut their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price on the stock. Finally, Needham & Company LLC cut their target price on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Trading Up 4.5 %

PRAX opened at $37.85 on Monday. The stock’s 50-day moving average price is $73.74 and its 200 day moving average price is $69.30. Praxis Precision Medicines has a 12-month low of $30.01 and a 12-month high of $91.83. The firm has a market cap of $763.17 million, a price-to-earnings ratio of -3.67 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The company had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. On average, research analysts forecast that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. purchased a new position in Praxis Precision Medicines during the 4th quarter worth approximately $7,590,000. GF Fund Management CO. LTD. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter valued at approximately $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Praxis Precision Medicines by 17.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,615 shares of the company’s stock valued at $1,433,000 after purchasing an additional 2,747 shares during the last quarter. Voloridge Investment Management LLC grew its stake in shares of Praxis Precision Medicines by 54.4% in the 4th quarter. Voloridge Investment Management LLC now owns 116,062 shares of the company’s stock valued at $8,932,000 after purchasing an additional 40,875 shares during the last quarter. Finally, VR Adviser LLC grew its stake in shares of Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after purchasing an additional 283,854 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.