5AM Venture Management LLC Lowers Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

5AM Venture Management LLC lowered its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 50.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 170,000 shares of the company's stock after selling 170,000 shares during the quarter. Praxis Precision Medicines comprises approximately 3.1% of 5AM Venture Management LLC's investment portfolio, making the stock its 14th largest holding. 5AM Venture Management LLC owned about 0.91% of Praxis Precision Medicines worth $13,083,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its stake in Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock valued at $43,027,000 after purchasing an additional 548,986 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock valued at $25,619,000 after acquiring an additional 205,335 shares during the period. Norges Bank purchased a new position in Praxis Precision Medicines in the 4th quarter worth $9,151,000. CIBC Asset Management Inc lifted its position in Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock worth $28,226,000 after acquiring an additional 117,817 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Praxis Precision Medicines by 7.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company's stock worth $93,008,000 after acquiring an additional 88,442 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRAX. Truist Financial reduced their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. HC Wainwright restated a "buy" rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. Wedbush upped their price objective on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday. Robert W. Baird reduced their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Monday. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.56.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock traded down $3.79 during trading hours on Tuesday, reaching $35.17. The company had a trading volume of 478,100 shares, compared to its average volume of 499,534. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $91.83. The company has a market capitalization of $716.38 million, a price-to-earnings ratio of -3.41 and a beta of 2.65. The stock has a fifty day moving average of $36.09 and a 200-day moving average of $61.74.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Praxis Precision Medicines Company Profile

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.