Squarepoint Ops LLC Lowers Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Squarepoint Ops LLC trimmed its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 46.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,782 shares of the company's stock after selling 6,876 shares during the quarter. Squarepoint Ops LLC's holdings in Praxis Precision Medicines were worth $599,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Polar Asset Management Partners Inc. acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at $7,590,000. ProShare Advisors LLC acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at $442,000. Nomura Holdings Inc. acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at $316,000. Nicholas Investment Partners LP acquired a new stake in Praxis Precision Medicines during the 4th quarter worth $653,000. Finally, Nuveen Asset Management LLC raised its stake in Praxis Precision Medicines by 0.7% during the 4th quarter. Nuveen Asset Management LLC now owns 306,911 shares of the company's stock worth $23,620,000 after acquiring an additional 2,084 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PRAX. Wedbush lifted their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research note on Monday, May 5th. Robert W. Baird cut their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 price target on the stock. Truist Financial cut their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Finally, Oppenheimer set a $97.00 price target on shares of Praxis Precision Medicines and gave the stock an "outperform" rating in a research note on Monday, June 2nd. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $109.90.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock traded up $2.30 during mid-day trading on Friday, reaching $44.56. 443,608 shares of the company were exchanged, compared to its average volume of 389,600. The firm's 50-day simple moving average is $36.02 and its two-hundred day simple moving average is $56.08. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $91.83. The firm has a market cap of $907.64 million, a PE ratio of -4.33 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing the consensus estimate 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, equities research analysts anticipate 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.