Candriam S.C.A. Reduces Stake in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Candriam S.C.A. has reduced its holdings in Praxis Precision Medicines by 46.0%, now owning approximately 0.31% of the company valued at $2.41 million.
• Aberdeen Group plc significantly boosted its stake in Praxis by 1,658.4%, now owning 87,903 shares worth $3.33 million, while other hedge funds also increased their positions during the first quarter.
• Despite a recent negative EPS of ($3.31), multiple analysts have maintained a "buy" rating for the stock, with price targets ranging up to $115.00.

Candriam S.C.A. cut its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 46.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,671 shares of the company's stock after selling 54,299 shares during the period. Candriam S.C.A. owned about 0.31% of Praxis Precision Medicines worth $2,411,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PRAX. Algert Global LLC purchased a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at $814,000. Aberdeen Group plc increased its position in shares of Praxis Precision Medicines by 1,658.4% during the 1st quarter. Aberdeen Group plc now owns 87,903 shares of the company's stock valued at $3,329,000 after purchasing an additional 82,904 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at $559,000. Swiss National Bank increased its position in shares of Praxis Precision Medicines by 3.8% during the 1st quarter. Swiss National Bank now owns 27,100 shares of the company's stock valued at $1,026,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Praxis Precision Medicines by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock valued at $41,165,000 after purchasing an additional 23,381 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PRAX shares. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. Chardan Capital restated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Wedbush upped their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research report on Monday, May 5th. HC Wainwright reiterated a "buy" rating and set a $115.00 price target (up from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday, August 5th. Finally, Oppenheimer boosted their price objective on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Praxis Precision Medicines has an average rating of "Moderate Buy" and an average target price of $85.88.

Praxis Precision Medicines Stock Down 0.2%

Shares of PRAX stock traded down $0.08 during mid-day trading on Friday, reaching $45.91. 85,191 shares of the company's stock traded hands, compared to its average volume of 445,374. The company has a market cap of $966.22 million, a P/E ratio of -3.74 and a beta of 2.62. The company's 50-day moving average price is $49.11 and its 200-day moving average price is $45.07. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share 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.