Wellington Management Group LLP Lowers Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Wellington Management Group LLP lowered its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 70.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 63,934 shares of the company's stock after selling 155,973 shares during the period. Wellington Management Group LLP owned 0.32% of Praxis Precision Medicines worth $4,920,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter worth about $30,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Praxis Precision Medicines during the 4th quarter worth approximately $48,000. Graham Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter worth approximately $209,000. KLP Kapitalforvaltning AS purchased a new stake in Praxis Precision Medicines in the 4th quarter valued at $215,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $231,000. Institutional investors and hedge funds own 67.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PRAX. Chardan Capital assumed coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a "buy" rating and a $80.00 target price on the stock. Wedbush lifted their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. Truist Financial reduced their price objective on 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. Oppenheimer initiated coverage on Praxis Precision Medicines in a research report on Monday. They set an "outperform" rating and a $97.00 target price for the company. Finally, 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 report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.90.

Praxis Precision Medicines Price Performance

PRAX stock traded up $0.89 during mid-day trading on Thursday, reaching $42.26. 895,672 shares of the company traded hands, compared to its average volume of 388,554. The company has a fifty day moving average price of $35.76 and a 200-day moving average price of $56.47. Praxis Precision Medicines, Inc. has a 52-week low of $26.70 and a 52-week high of $91.83. The company has a market capitalization of $860.79 million, a P/E ratio of -4.10 and a beta of 2.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) 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%. As a group, 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.