Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 5.6% - Should You Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) shares dropped 5.6% on Friday . The company traded as low as $37.03 and last traded at $36.31. Approximately 6,030 shares changed hands during trading, a decline of 98% from the average daily volume of 385,349 shares. The stock had previously closed at $38.45.Analysts Set New Price TargetsA number of brokerages recently commented on PRAX. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a report on Monday, May 5th. Chardan Capital started coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price objective for the company. Wedbush lifted their target price on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th. Truist Financial decreased their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Finally, Robert W. Baird lowered their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of "Moderate Buy" and an average target price of $116.50.Check Out Our Latest Analysis on Praxis Precision MedicinesPraxis Precision Medicines Trading Down 2.6%The stock has a 50 day simple moving average of $35.57 and a 200 day simple moving average of $57.53. The firm has a market capitalization of $762.72 million, a PE ratio of -3.61 and a beta of 2.65. Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts' consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. As a group, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year. Institutional Inflows and OutflowsInstitutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. purchased a new stake in Praxis Precision Medicines in the fourth quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $48,000. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 6,075.4% in the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after buying an additional 3,949 shares during the last quarter. Graham Capital Management L.P. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $209,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Praxis Precision Medicines during the 4th quarter valued at $215,000. 67.84% of the stock is currently owned by institutional investors. Praxis Precision Medicines Company Profile (Get Free Report)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.Featured ArticlesFive stocks we like better than Praxis Precision MedicinesMastering Discipline: Overcoming Emotional Challenges In TradingIntel’s Turnaround May Be the Best Bet No One’s Watching10 Best Airline Stocks to Buy3 Defense Stocks That Will Profit From a Golden DomeDividend King Proctor & Gamble Is A Buy On Post-Earnings Weakness ASML Stock Might Be the Safest Chip Play at This PriceThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. 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