Franklin Resources Inc. Grows Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Franklin Resources Inc. lifted its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 85.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 445,233 shares of the company's stock after acquiring an additional 205,335 shares during the period. Franklin Resources Inc. owned 2.39% of Praxis Precision Medicines worth $25,619,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PRAX. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $25,000. US Bancorp DE increased its position in Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company's stock valued at $132,000 after buying an additional 605 shares in the last quarter. Quarry LP purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $83,000. Intech Investment Management LLC acquired a new stake in shares of Praxis Precision Medicines during the third quarter worth $217,000. Finally, Geode Capital Management LLC grew its stake in Praxis Precision Medicines by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 398,838 shares of the company's stock valued at $22,954,000 after purchasing an additional 3,779 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the business's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now directly owns 10,301 shares in the company, valued at $826,140.20. The trade was a 44.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the sale, the insider now directly owns 5,613 shares of the company's stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.70% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. HC Wainwright reissued a "buy" rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Oppenheimer boosted their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $146.33.

Praxis Precision Medicines Stock Up 5.1 %

Shares of PRAX stock traded up $3.68 during mid-day trading on Friday, hitting $76.52. 530,675 shares of the stock were exchanged, compared to its average volume of 292,825. Praxis Precision Medicines, Inc. has a 52-week low of $18.09 and a 52-week high of $86.93. The firm has a fifty day moving average of $73.37 and a 200 day moving average of $59.28. The company has a market cap of $1.43 billion, a PE ratio of -7.43 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing analysts' consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the prior year, the company posted ($2.70) earnings per share. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current 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.