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

Praxis Precision Medicines (NASDAQ:PRAX) had its price target reduced by Truist Financial from $175.00 to $85.00 in a research report sent to investors on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research firms also recently weighed in on PRAX. Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Robert W. Baird reduced their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday. HC Wainwright reduced their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a report on Monday. Finally, Needham & Company LLC reduced their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $37.85 on Monday. Praxis Precision Medicines has a 1-year low of $30.01 and a 1-year high of $91.83. The company has a market cap of $763.17 million, a PE ratio of -3.67 and a beta of 2.76. The stock’s 50 day moving average price is $73.74 and its 200 day moving average price is $69.30.

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

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $48,000. US Bancorp DE grew its position in shares of Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares during the period. Graham Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $209,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $215,000. 67.84% of the stock is owned by institutional investors and hedge funds.

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.