Price T Rowe Associates Inc. MD Sells 112,797 Shares of 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 lowered its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 9.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,095,725 shares of the company's stock after selling 112,797 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 5.38% of Praxis Precision Medicines worth $41,497,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PRAX. JPMorgan Chase & Co. increased its stake in Praxis Precision Medicines by 24.0% in the 4th quarter. JPMorgan Chase & Co. now owns 9,693 shares of the company's stock worth $746,000 after purchasing an additional 1,879 shares in the last quarter. Wells Fargo & Company MN increased its stake in Praxis Precision Medicines by 46.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,612 shares of the company's stock worth $663,000 after purchasing an additional 2,746 shares in the last quarter. Envestnet Asset Management Inc. purchased a new position in Praxis Precision Medicines in the 4th quarter worth about $231,000. MetLife Investment Management LLC increased its stake in Praxis Precision Medicines by 5.4% in the 4th quarter. MetLife Investment Management LLC now owns 10,675 shares of the company's stock worth $822,000 after purchasing an additional 544 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Praxis Precision Medicines by 565.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,873 shares of the company's stock worth $452,000 after purchasing an additional 4,990 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Analyst Upgrades and Downgrades

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

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded down $0.60 during trading on Tuesday, hitting $44.94. 439,633 shares of the stock traded hands, compared to its average volume of 401,059. The stock has a market cap of $945.99 million, a P/E ratio of -3.66 and a beta of 2.61. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $91.83. The company has a fifty day moving average price of $49.28 and a two-hundred day moving average price of $43.92.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, beating the consensus estimate 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, equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

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.