Piper Sandler Trims Praxis Precision Medicines (NASDAQ:PRAX) Target Price to $18.00

Praxis Precision Medicines (NASDAQ:PRAXGet Rating) had its price target cut by stock analysts at Piper Sandler from $65.00 to $18.00 in a research report issued on Tuesday, The Fly reports.

PRAX has been the subject of several other research reports. HC Wainwright reduced their target price on shares of Praxis Precision Medicines from $48.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday. Bank of America lowered shares of Praxis Precision Medicines from a “buy” rating to a “neutral” rating and set a $4.00 price target for the company. in a research report on Tuesday. Wedbush lowered shares of Praxis Precision Medicines from an “outperform” rating to a “neutral” rating and set a $4.00 price target for the company. in a research report on Monday. Finally, Zacks Investment Research upgraded shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research report on Friday, May 13th.

Shares of NASDAQ PRAX traded down $0.04 during trading on Tuesday, hitting $1.84. The stock had a trading volume of 7,977,107 shares, compared to its average volume of 670,966. Praxis Precision Medicines has a 12 month low of $1.70 and a 12 month high of $23.56. The company has a market capitalization of $83.74 million, a PE ratio of -0.39 and a beta of 2.00. The firm has a fifty day moving average of $9.08 and a two-hundred day moving average of $13.18.

Praxis Precision Medicines (NASDAQ:PRAXGet Rating) last posted its earnings results on Monday, May 9th. The company reported ($1.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.29) by ($0.22). During the same period in the previous year, the company posted ($0.71) EPS. On average, research analysts predict that Praxis Precision Medicines will post -5.47 earnings per share for the current year.

Large investors have recently modified their holdings of the business. CNA Financial Corp boosted its position in Praxis Precision Medicines by 8.3% during the fourth quarter. CNA Financial Corp now owns 18,231 shares of the company’s stock worth $359,000 after purchasing an additional 1,390 shares during the period. Rafferty Asset Management LLC bought a new position in Praxis Precision Medicines during the fourth quarter worth about $1,330,000. Point72 Asset Management L.P. boosted its position in Praxis Precision Medicines by 44.5% during the third quarter. Point72 Asset Management L.P. now owns 1,136,995 shares of the company’s stock worth $21,023,000 after purchasing an additional 350,000 shares during the period. California State Teachers Retirement System boosted its position in Praxis Precision Medicines by 5.1% during the third quarter. California State Teachers Retirement System now owns 35,358 shares of the company’s stock worth $654,000 after purchasing an additional 1,726 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Praxis Precision Medicines by 22.2% during the third quarter. The Manufacturers Life Insurance Company now owns 17,775 shares of the company’s stock worth $329,000 after purchasing an additional 3,232 shares during the period. Hedge funds and other institutional investors own 96.25% of the company’s stock.

Praxis Precision Medicines Company Profile (Get Rating)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

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