Bank of America Corp DE Sells 44,345 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Bank of America Corp DE trimmed its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 89.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,504 shares of the company's stock after selling 44,345 shares during the period. Bank of America Corp DE's holdings in Praxis Precision Medicines were worth $424,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PRAX. CIBC Asset Management Inc lifted its position in shares of Praxis Precision Medicines by 47.3% during the fourth 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. Barclays PLC increased its stake in shares of Praxis Precision Medicines by 126.8% in the third quarter. Barclays PLC now owns 37,130 shares of the company's stock valued at $2,136,000 after purchasing an additional 20,759 shares during the period. Vanguard Group Inc. increased its stake in shares of 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. acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $248,000. Finally, New York State Common Retirement Fund increased its stake in shares of Praxis Precision Medicines by 12.1% during the fourth quarter. New York State Common Retirement Fund now owns 7,847 shares of the company's stock valued at $604,000 after acquiring an additional 847 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PRAX shares. Chardan Capital started coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price target on the stock. Truist Financial decreased their target price on shares of 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. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research note on Thursday. Wedbush lifted their price objective on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research note on Monday, May 5th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $109.90.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock traded down $0.73 during midday trading on Friday, hitting $44.30. The company's stock had a trading volume of 178,016 shares, compared to its average volume of 389,049. The company has a 50-day moving average price of $37.25 and a two-hundred day moving average price of $54.86. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83. The company has a market cap of $902.35 million, a price-to-earnings ratio of -4.30 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly 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%. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Praxis Precision Medicines 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.