Pictet Asset Management Holding SA Takes Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Pictet Asset Management Holding SA purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 45,427 shares of the company's stock, valued at approximately $3,496,000. Pictet Asset Management Holding SA owned approximately 0.24% of Praxis Precision Medicines as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PRAX. Assenagon Asset Management S.A. lifted its stake in shares of Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock valued at $43,027,000 after purchasing an additional 548,986 shares during the period. Franklin Resources Inc. grew its holdings in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock worth $25,619,000 after acquiring an additional 205,335 shares during the period. Wellington Management Group LLP increased its stake in Praxis Precision Medicines by 326.9% in the 3rd quarter. Wellington Management Group LLP now owns 219,907 shares of the company's stock valued at $12,653,000 after purchasing an additional 168,394 shares in the last quarter. Janus Henderson Group PLC raised its holdings 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 worth $30,079,000 after purchasing an additional 141,881 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Praxis Precision Medicines in the fourth quarter valued at $9,151,000. Institutional investors and hedge funds own 67.84% of the company's stock.

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Praxis Precision Medicines Stock Performance

Shares of PRAX traded down $1.12 during trading hours on Monday, hitting $31.53. The stock had a trading volume of 609,173 shares, compared to its average volume of 361,342. The firm has a market cap of $635.74 million, a P/E ratio of -3.06 and a beta of 2.66. Praxis Precision Medicines, Inc. has a 12-month low of $30.01 and a 12-month high of $91.83. The company's fifty day simple moving average is $57.42 and its 200 day simple moving average is $66.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts' consensus estimates 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. As a group, sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PRAX has been the subject of a number of recent research reports. Truist Financial dropped their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Robert W. Baird dropped their price target 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. Wedbush cut Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a report on Friday, February 28th. HC Wainwright decreased their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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.