Praxis Precision Medicines, Inc. $PRAX Stock: Pictet Asset Management Holding SA Lowers Position

Key Points

• Pictet Asset Management cut its Praxis Precision Medicines stake by 3% in the third quarter, selling 8,714 shares; it still held 282,975 shares, worth about $82.2 million. Institutional investors collectively own 67.84% of the stock.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $630.42; ratings include three Strong Buys, 17 Buys, and two Sells.
• Praxis reported quarterly EPS of -$3.23, beating the consensus estimate of -$3.54 by $0.31. The article also reported the stock trading up 19.9%.

Pictet Asset Management Holding SA trimmed its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 3.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 282,975 shares of the company's stock after selling 8,714 shares during the period. Pictet Asset Management Holding SA owned about 1.01% of Praxis Precision Medicines worth $82,169,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. CenterBook Partners LP purchased a new stake in Praxis Precision Medicines in the 3rd quarter worth approximately $11,223,000. Provenance Wealth Advisors LLC purchased a new position in shares of Praxis Precision Medicines during the 3rd quarter valued at approximately $128,000. Factory Mutual Insurance Co. acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at $297,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at $296,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at $1,223,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRAX. HC Wainwright reissued a "buy" rating and set a $1,201.00 price target on shares of Praxis Precision Medicines in a report on Thursday, October 15th. Wells Fargo & Company reaffirmed a "positive" rating and issued a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $945.00 price objective on shares of Praxis Precision Medicines in a report on Monday, August 17th. Piper Sandler reiterated an "overweight" rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $630.42.

Praxis Precision Medicines Trading Up 19.9%

Shares of PRAX opened at $332.97 on Tuesday. Praxis Precision Medicines, Inc. has a 12 month low of $160.11 and a 12 month high of $392.70. The stock's 50 day moving average is $291.50 and its two-hundred day moving average is $313.82. The firm has a market cap of $9.30 billion, a P/E ratio of -25.75 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings data on Monday, November 9th. The company reported ($3.23) EPS for the quarter, beating analysts' consensus estimates of ($3.54) by $0.31. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -14.15 EPS for the current year.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.

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