Invesco Ltd. Sells 75,305 Shares of Praxis Precision Medicines, Inc. $PRAX

Key Points

• Invesco Ltd. reduced its stake in Praxis Precision Medicines by 86.6%, selling 75,305 shares in the first quarter, leaving them with only 11,678 shares worth approximately $442,000.
• Multiple large investors have adjusted their holdings in Praxis, with Swiss National Bank increasing its position by 3.8% and Vanguard Group Inc. raising its holdings by 2.2% during the same period.
• Analysts maintain a generally positive outlook on Praxis Precision Medicines, with a consensus rating of "Moderate Buy" and an average target price of $85.88, supported by several firms issuing "buy" ratings.

Invesco Ltd. trimmed its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 86.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,678 shares of the company's stock after selling 75,305 shares during the period. Invesco Ltd. owned about 0.06% of Praxis Precision Medicines worth $442,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the stock. Swiss National Bank increased its position in shares of Praxis Precision Medicines by 3.8% during the first quarter. Swiss National Bank now owns 27,100 shares of the company's stock worth $1,026,000 after acquiring an additional 1,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in Praxis Precision Medicines by 2.2% during the first quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock worth $41,165,000 after acquiring an additional 23,381 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Praxis Precision Medicines in the 1st quarter valued at about $380,000. Y Intercept Hong Kong Ltd bought a new stake in Praxis Precision Medicines in the first quarter valued at approximately $237,000. Finally, Rhumbline Advisers raised its stake in Praxis Precision Medicines by 6.7% in the first quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock valued at $920,000 after buying an additional 1,525 shares during the period. Institutional investors own 67.84% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on PRAX shares. Needham & Company LLC restated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. Lifesci Capital raised Praxis Precision Medicines to a "strong-buy" rating in a research report on Wednesday. HC Wainwright reaffirmed a "buy" rating and issued a $115.00 target price (up previously from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday, August 5th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and an average target price of $85.88.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $46.85 on Friday. The company has a market capitalization of $986.19 million, a P/E ratio of -3.81 and a beta of 2.61. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $91.83. The business's 50 day simple moving average is $49.46 and its 200 day simple moving average is $43.41.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (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%. On average, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal 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.

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