Citigroup Inc. Increases Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Citigroup Inc. lifted its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 44,585.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,115 shares of the company's stock after purchasing an additional 82,929 shares during the quarter. Citigroup Inc. owned approximately 0.97% of Praxis Precision Medicines worth $142,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in shares of Praxis Precision Medicines by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 109,522 shares of the company's stock worth $1,118,000 after purchasing an additional 1,940 shares in the last quarter. Northern Trust Corp boosted its stake in Praxis Precision Medicines by 1.0% in the 1st quarter. Northern Trust Corp now owns 317,611 shares of the company's stock valued at $3,243,000 after buying an additional 3,291 shares in the last quarter. Rhumbline Advisers increased its holdings in Praxis Precision Medicines by 9.1% in the first quarter. Rhumbline Advisers now owns 41,376 shares of the company's stock valued at $422,000 after purchasing an additional 3,467 shares during the last quarter. Swiss National Bank increased its holdings in Praxis Precision Medicines by 7.9% in the first quarter. Swiss National Bank now owns 53,100 shares of the company's stock valued at $542,000 after purchasing an additional 3,900 shares during the last quarter. Finally, Mariner LLC increased its holdings in Praxis Precision Medicines by 33.1% in the fourth quarter. Mariner LLC now owns 17,693 shares of the company's stock valued at $42,000 after purchasing an additional 4,398 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. HC Wainwright reiterated a "buy" rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, March 26th. Truist Financial reiterated a "buy" rating and issued a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, December 4th. Wedbush upped their price objective on Praxis Precision Medicines from $16.00 to $29.00 and gave the company a "neutral" rating in a report on Friday, January 12th. Finally, Jefferies Financial Group boosted their target price on Praxis Precision Medicines from $75.00 to $128.00 and gave the company a "buy" rating in a research note on Tuesday, March 26th.

Praxis Precision Medicines Stock Performance

PRAX traded up $1.82 on Friday, hitting $61.02. 1,776,620 shares of the company were exchanged, compared to its average volume of 265,094. Praxis Precision Medicines, Inc. has a 12 month low of $11.85 and a 12 month high of $67.21. The company has a market cap of $807.90 million, a PE ratio of -2.58 and a beta of 2.85. The stock's fifty day moving average is $47.78 and its 200-day moving average is $30.59.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative return on equity of 151.02% and a negative net margin of 5,037.88%. The business had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.30 million. As a group, equities research analysts expect that Praxis Precision Medicines, Inc. will post -8.78 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.