Northern Trust Corp Increases Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Northern Trust Corp grew its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 10.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,590 shares of the company's stock after buying an additional 15,323 shares during the period. Northern Trust Corp owned 0.90% of Praxis Precision Medicines worth $12,898,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PRAX. Mirae Asset Global Investments Co. Ltd. bought a new position in Praxis Precision Medicines in the 4th quarter worth about $48,000. KLP Kapitalforvaltning AS purchased a new position in Praxis Precision Medicines in the 4th quarter worth about $215,000. Envestnet Asset Management Inc. purchased a new position in Praxis Precision Medicines in the 4th quarter worth about $231,000. Fox Run Management L.L.C. purchased a new position in Praxis Precision Medicines in the 4th quarter worth about $246,000. Finally, Arizona State Retirement System raised its position in Praxis Precision Medicines by 4.2% in the 4th quarter. Arizona State Retirement System now owns 3,851 shares of the company's stock worth $296,000 after buying an additional 156 shares during the last quarter. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Trading Up 1.7%

Praxis Precision Medicines stock traded up $0.63 during midday trading on Thursday, hitting $38.31. The stock had a trading volume of 238,021 shares, compared to its average volume of 388,107. The firm's fifty day moving average is $35.60 and its two-hundred day moving average is $58.88. The company has a market capitalization of $780.34 million, a PE ratio of -3.72 and a beta of 2.65. Praxis Precision Medicines, Inc. has a 52-week low of $26.70 and a 52-week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. As a group, equities research analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Truist Financial decreased their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Robert W. Baird decreased their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. HC Wainwright reaffirmed a "buy" rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Monday, May 5th. Finally, Chardan Capital began coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a "buy" rating and a $80.00 price target for the company. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $116.50.

About Praxis Precision Medicines

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.