Franklin Resources Inc. Reduces Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Franklin Resources Inc. lessened its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 12.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 389,835 shares of the company's stock after selling 55,398 shares during the period. Franklin Resources Inc. owned about 2.09% of Praxis Precision Medicines worth $30,002,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its stake in Praxis Precision Medicines by 5,437.7% in the 4th 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 last quarter. Wellington Management Group LLP boosted its holdings 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 during the period. 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 worth $30,079,000 after buying an additional 141,881 shares in the last quarter. Norges Bank acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $9,151,000. Finally, CIBC Asset Management Inc increased its holdings in Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after buying an additional 117,817 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Needham & Company LLC lowered their price target on Praxis Precision Medicines from $150.00 to $85.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Robert W. Baird reduced their price target 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 began coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 price target on the stock. Truist Financial lowered 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. Finally, HC Wainwright reduced their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, Praxis Precision Medicines has an average rating of "Moderate Buy" and a consensus price target of $123.33.

Praxis Precision Medicines Trading Down 3.4 %

Shares of PRAX stock traded down $1.12 during trading on Monday, hitting $31.53. The company's stock had a trading volume of 609,173 shares, compared to its average volume of 361,816. The company has a market cap of $635.74 million, a PE ratio of -3.06 and a beta of 2.66. The business has a fifty day moving average of $57.42 and a 200-day moving average of $66.60. Praxis Precision Medicines, Inc. has a 52 week low of $30.01 and a 52 week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts' consensus estimates of ($2.76) by ($0.18). 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 $7.48 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, research analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Praxis Precision Medicines Profile

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.