Assenagon Asset Management S.A. cut its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 9.2% in the first quarter, according to its most recent Form 13F 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 quarter. Assenagon Asset Management S.A. owned 2.52% of Praxis Precision Medicines worth $19,215,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also modified their holdings of the company. CIBC Asset Management Inc grew its stake in shares of Praxis Precision Medicines by 47.3% in the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after buying an additional 117,817 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Praxis Precision Medicines by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock valued at $979,000 after purchasing an additional 275 shares during the period. Vanguard Group Inc. boosted its holdings in Praxis Precision Medicines by 2.4% in the fourth 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. purchased a new position in Praxis Precision Medicines in the fourth quarter valued at $248,000. Finally, Deutsche Bank AG boosted its holdings in Praxis Precision Medicines by 48.6% in the fourth 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 owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
PRAX has been the subject of a number of recent research reports. Chardan Capital initiated coverage on Praxis Precision Medicines in a report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price for the company. Truist Financial decreased their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a report on Monday, March 3rd. HC Wainwright reaffirmed a "buy" rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Oppenheimer set a $97.00 target price on Praxis Precision Medicines and gave the company an "outperform" rating in a research report on Monday, June 2nd. Finally, Needham & Company LLC reissued a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research report on Thursday. 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, Praxis Precision Medicines presently has an average rating of "Moderate Buy" and a consensus price target of $109.90.
Check Out Our Latest Analysis on PRAX
Praxis Precision Medicines Price Performance
Shares of PRAX stock traded down $0.73 during trading hours on Friday, reaching $44.30. 178,016 shares of the company's stock were exchanged, compared to its average volume of 389,049. The company has a market cap of $902.35 million, a P/E ratio of -4.30 and a beta of 2.60. The company's 50 day moving average is $37.25 and its two-hundred day moving average is $54.86. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $91.83.
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 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, analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.
Praxis Precision Medicines Company Profile
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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.
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