Price T Rowe Associates Inc. MD Decreases Stock Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Price T Rowe Associates Inc. has reduced its stake in Praxis Precision Medicines by 9.3%, now holding approximately 1,095,725 shares valued at about $41.5 million.
• Praxis Precision Medicines has a market capitalization of $987.67 million and reported a quarterly EPS of ($3.31), which beat the consensus estimate by $0.09.
• Analysts have varying views on Praxis, with a consensus rating of "Moderate Buy" and an average target price of $85.88 per share.

Price T Rowe Associates Inc. MD cut its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 9.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,095,725 shares of the company's stock after selling 112,797 shares during the period. Price T Rowe Associates Inc. MD owned about 5.38% of Praxis Precision Medicines worth $41,497,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PRAX. GF Fund Management CO. LTD. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $30,000. Graham Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $209,000. Envestnet Asset Management Inc. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $231,000. Freestone Grove Partners LP purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $237,000. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $248,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $46.92 on Thursday. The company has a fifty day moving average of $49.05 and a 200 day moving average of $45.34. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $91.83. The company has a market capitalization of $987.67 million, a P/E ratio of -3.82 and a beta of 2.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported ($3.31) EPS for the quarter, beating the consensus estimate of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. Analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wedbush upped their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research note on Monday, May 5th. HC Wainwright restated a "buy" rating and issued a $115.00 price objective (up from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Oppenheimer upped their price objective on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and an average target price of $85.88.

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.

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