Assenagon Asset Management S.A. Trims Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Assenagon Asset Management S.A. reduced its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 9.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 507,400 shares of the company's stock after selling 51,682 shares during the period. Assenagon Asset Management S.A. owned about 2.52% of Praxis Precision Medicines worth $19,215,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PRAX. CIBC Asset Management Inc raised its holdings 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 purchasing an additional 117,817 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Praxis Precision Medicines by 2.2% in the 4th quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock valued at $979,000 after acquiring an additional 275 shares in the last quarter. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock valued at $81,858,000 after purchasing an additional 24,645 shares during the period. Ameriprise Financial Inc. acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at $248,000. Finally, Deutsche Bank AG grew its position in Praxis Precision Medicines by 48.6% in the 4th quarter. Deutsche Bank AG now owns 15,324 shares of the company's stock valued at $1,179,000 after purchasing an additional 5,009 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Down 0.8%

NASDAQ:PRAX traded down $0.35 during midday trading on Tuesday, hitting $43.46. 210,648 shares of the company traded hands, compared to its average volume of 387,180. The firm's fifty day moving average is $37.80 and its 200-day moving average is $54.36. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $91.83. The firm has a market capitalization of $885.28 million, a P/E ratio of -4.05 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released 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 50.42% and a negative net margin of 2,137.48%. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of research analyst reports. HC Wainwright reissued a "buy" rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Robert W. Baird lowered their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Truist Financial lowered their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. Finally, Chardan Capital assumed coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price on the stock. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $109.90.

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.