Franklin Resources Inc. Trims Stock Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Franklin Resources Inc. decreased its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 389,835 shares of the company's stock after selling 55,398 shares during the quarter. Franklin Resources Inc. owned 2.09% of Praxis Precision Medicines worth $30,002,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Arizona State Retirement System raised its position in Praxis Precision Medicines by 4.2% in the fourth quarter. Arizona State Retirement System now owns 3,851 shares of the company's stock worth $296,000 after acquiring an additional 156 shares during the period. JPMorgan Chase & Co. raised its holdings in Praxis Precision Medicines by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company's stock worth $450,000 after purchasing an additional 448 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Praxis Precision Medicines during the fourth quarter valued at $48,000. New York State Common Retirement Fund grew its holdings in Praxis Precision Medicines by 12.1% during 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 during the period. 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 buying an additional 1,000 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Truist Financial lowered their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $85.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday. Robert W. Baird reduced 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 note on Monday, March 3rd. HC Wainwright lowered their target price on shares of 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, Wedbush lowered Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $123.33.

Praxis Precision Medicines Stock Performance

Shares of PRAX traded down $1.95 during midday trading on Thursday, hitting $28.90. 113,011 shares of the company traded hands, compared to its average volume of 367,339. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $91.83. The firm has a 50 day moving average of $52.92 and a 200-day moving average of $65.46. The stock has a market cap of $582.71 million, a price-to-earnings ratio of -2.82 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly 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 for 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%. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal 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.