Invesco Ltd. Sells 20,730 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Invesco Ltd. reduced its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 19.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,983 shares of the company's stock after selling 20,730 shares during the quarter. Invesco Ltd. owned approximately 0.47% of Praxis Precision Medicines worth $6,694,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRAX. Barclays PLC boosted its position in shares of Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company's stock worth $2,136,000 after purchasing an additional 20,759 shares during the period. Geode Capital Management LLC lifted 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 worth $22,954,000 after acquiring an additional 3,779 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock valued at $25,619,000 after acquiring an additional 205,335 shares during the period. JPMorgan Chase & Co. grew its position in Praxis Precision Medicines by 6.1% in 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 in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock worth $43,027,000 after purchasing an additional 548,986 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

PRAX stock remained flat at $36.00 during midday trading on Friday. 300,541 shares of the company's stock were exchanged, compared to its average volume of 380,904. The stock's 50 day moving average price is $40.27 and its 200-day moving average price is $63.13. The stock has a market capitalization of $725.87 million, a PE ratio of -3.50 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 quarterly earnings data on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The company had revenue of $7.48 million during the quarter, compared to analyst estimates 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 predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $85.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, April 8th. Truist Financial dropped their target price on 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. Wedbush cut Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a report on Friday, February 28th. Finally, HC Wainwright dropped their price objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently 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.