Praxis Precision Medicines, Inc. $PRAX Holdings Boosted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its stake in Praxis Precision Medicines by 19.1%, bringing its total ownership to 604,298 shares valued at approximately $25.4 million.
• Analysts maintain a positive outlook on Praxis, with many providing buy ratings and price targets ranging from $80.00 to $115.00.
• Praxis Precision Medicines reported a loss of ($3.31) EPS, slightly better than analysts' expectations, and continues to seek new therapies targeting central nervous system disorders.

Assenagon Asset Management S.A. boosted its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 19.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 604,298 shares of the company's stock after buying an additional 96,898 shares during the quarter. Assenagon Asset Management S.A. owned approximately 2.97% of Praxis Precision Medicines worth $25,411,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRAX. Woodline Partners LP lifted its stake in shares of Praxis Precision Medicines by 1,666.5% during the 1st quarter. Woodline Partners LP now owns 175,727 shares of the company's stock worth $6,655,000 after purchasing an additional 165,779 shares during the period. California State Teachers Retirement System increased its holdings in shares of Praxis Precision Medicines by 2.2% during the 4th quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock worth $979,000 after buying an additional 275 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Praxis Precision Medicines by 6,075.4% during 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. Rhumbline Advisers increased its holdings in shares of Praxis Precision Medicines by 6.7% during the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock worth $920,000 after buying an additional 1,525 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $248,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX traded up $6.11 during mid-day trading on Monday, reaching $48.33. The stock had a trading volume of 511,885 shares, compared to its average volume of 406,928. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.93 and a beta of 2.61. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83. The stock's 50 day simple moving average is $48.18 and its two-hundred day simple moving average is $42.17.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported ($3.31) EPS for the quarter, topping analysts' consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 60.07% and a negative net margin of 2,137.48%. Sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Chardan Capital restated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Oppenheimer increased their price target on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, September 2nd. Finally, Jones Trading initiated coverage on Praxis Precision Medicines in a report on Thursday. They issued a "buy" rating and a $83.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and an average price target of $85.56.

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.