Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 5.1% – Should You Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares traded down 5.1% on Monday. The company traded as low as $278.01 and last traded at $280.3330. 97,919 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 460,866 shares. The stock had previously closed at $295.51.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Monday, August 24th. The Goldman Sachs Group reiterated a “buy” rating and issued a $575.00 price objective (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. Wells Fargo & Company reissued a “positive” rating and issued a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Robert W. Baird set a $514.00 target price on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $613.26.

Praxis Precision Medicines Stock Performance

The stock’s fifty day simple moving average is $332.63 and its 200-day simple moving average is $321.00. The stock has a market cap of $7.82 billion, a P/E ratio of -21.67 and a beta of 2.79.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping the consensus estimate of ($3.67) by $0.80. As a group, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -13.9 earnings per share for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank grew its stake in Praxis Precision Medicines by 15.3% during the first quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after buying an additional 6,200 shares in the last quarter. Orbimed Advisors LLC raised its position in shares of Praxis Precision Medicines by 82.5% in the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock valued at $55,578,000 after buying an additional 78,000 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Praxis Precision Medicines during the 1st quarter worth approximately $1,156,000. Seven Fleet Capital Management LP bought a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $2,524,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $2,698,000. Institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. The company uses insights from human genetics, neuroscience and its Cerebrum™ platform to identify and advance medicines for conditions in which existing treatment options may be limited.

Praxis’ pipeline has included investigational treatments for epilepsies and other neurological disorders, including developmental and epileptic encephalopathies, essential tremor and movement-related conditions.