Pictet Asset Management Holding SA Makes New Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Pictet Asset Management Holding SA bought a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 45,427 shares of the company's stock, valued at approximately $3,496,000. Pictet Asset Management Holding SA owned 0.24% of Praxis Precision Medicines as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Arizona State Retirement System grew its holdings in Praxis Precision Medicines by 4.2% during the 4th quarter. Arizona State Retirement System now owns 3,851 shares of the company's stock valued at $296,000 after buying an additional 156 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Praxis Precision Medicines by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company's stock valued at $450,000 after acquiring an additional 448 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Praxis Precision Medicines during the 4th quarter valued at approximately $48,000. New York State Common Retirement Fund grew its holdings in shares of Praxis Precision Medicines by 12.1% in the fourth quarter. New York State Common Retirement Fund now owns 7,847 shares of the company's stock valued at $604,000 after purchasing an additional 847 shares in the last quarter. Finally, Swiss National Bank increased its position in Praxis Precision Medicines by 4.0% in the fourth quarter. Swiss National Bank now owns 26,100 shares of the company's stock worth $2,009,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock traded up $2.25 during trading on Wednesday, reaching $30.85. The company had a trading volume of 1,037,384 shares, compared to its average volume of 368,289. The firm's 50-day simple moving average is $52.92 and its 200 day simple moving average is $65.46. The firm has a market capitalization of $622.03 million, a PE ratio of -3.00 and a beta of 2.66. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released 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). The firm had revenue of $7.48 million during the quarter, compared to analysts' expectations of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. Analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on PRAX. Truist Financial lowered their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a report on Monday, March 3rd. HC Wainwright dropped their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Robert W. Baird cut their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price target for the company. Finally, Wedbush cut shares of Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $123.33.

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.