US Bancorp DE Lowers Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

US Bancorp DE reduced its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 57.7% during the 4th quarter, HoldingsChannel reports. The fund owned 968 shares of the company’s stock after selling 1,321 shares during the period. US Bancorp DE’s holdings in Praxis Precision Medicines were worth $74,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. raised its stake in Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after purchasing an additional 548,986 shares during the period. Franklin Resources Inc. increased its holdings in shares of Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after buying an additional 205,335 shares during the last quarter. Baker BROS. Advisors LP raised its position in shares of Praxis Precision Medicines by 145.6% in the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock worth $18,591,000 after buying an additional 191,572 shares during the period. Wellington Management Group LLP boosted its holdings in Praxis Precision Medicines by 326.9% in the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock valued at $12,653,000 after acquiring an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Praxis Precision Medicines by 37.2% during the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after acquiring an additional 141,881 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of research reports. Truist Financial cut their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Needham & Company LLC reduced their price target on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Robert W. Baird dropped their price objective on shares of 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. Finally, Wedbush lowered shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Trading Up 1.7 %

PRAX opened at $38.93 on Tuesday. Praxis Precision Medicines, Inc. has a twelve month low of $30.01 and a twelve month high of $91.83. The firm has a market cap of $784.95 million, a price-to-earnings ratio of -3.78 and a beta of 2.76. The company has a fifty day simple moving average of $67.32 and a 200 day simple moving average of $68.64.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing the consensus estimate of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

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.