Candriam S.C.A. Lowers Stock Position 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. trimmed its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 46.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 63,671 shares of the company's stock after selling 54,299 shares during the quarter. Candriam S.C.A. owned 0.31% of Praxis Precision Medicines worth $2,411,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its position in shares of Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock valued at $71,621,000 after acquiring an additional 405,957 shares during the period. VR Adviser LLC boosted its holdings in Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company's stock valued at $76,189,000 after purchasing an additional 283,854 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter valued at $17,454,000. Millennium Management LLC grew its position in shares of Praxis Precision Medicines by 3,519.4% during the 4th quarter. Millennium Management LLC now owns 150,892 shares of the company's stock valued at $11,613,000 after purchasing an additional 146,723 shares in the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at about $7,590,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PRAX. HC Wainwright reiterated a "buy" rating and set a $115.00 target price (up from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday, August 5th. Chardan Capital reiterated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Wedbush raised their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th. 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, Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $85.88.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded down $0.94 during trading on Thursday, hitting $45.98. The company's stock had a trading volume of 119,190 shares, compared to its average volume of 447,164. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $91.83. The company has a fifty day simple moving average of $49.05 and a two-hundred day simple moving average of $45.34. The company has a market capitalization of $967.79 million, a PE ratio of -3.73 and a beta of 2.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its 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%. As a group, analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS 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.