Assenagon Asset Management S.A. Decreases Stock Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Assenagon Asset Management S.A. lessened its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 48.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,096 shares of the company's stock after selling 9,665 shares during the quarter. Assenagon Asset Management S.A. owned about 0.06% of Praxis Precision Medicines worth $581,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Amalgamated Bank purchased a new position in Praxis Precision Medicines during the 2nd quarter valued at about $25,000. Quarry LP purchased a new position in Praxis Precision Medicines during the 2nd quarter valued at about $83,000. SG Americas Securities LLC purchased a new position in Praxis Precision Medicines during the 1st quarter valued at about $150,000. Chase Investment Counsel Corp purchased a new position in Praxis Precision Medicines during the 1st quarter valued at about $229,000. Finally, Boulder Hill Capital Management LP purchased a new position in Praxis Precision Medicines during the 1st quarter valued at about $256,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock traded down $1.66 during trading on Friday, hitting $68.33. 205,786 shares of the company's stock traded hands, compared to its average volume of 235,586. Praxis Precision Medicines, Inc. has a 1 year low of $13.01 and a 1 year high of $75.73. The stock has a market capitalization of $1.21 billion, a P/E ratio of -6.67 and a beta of 2.67. The business has a 50-day simple moving average of $62.58 and a 200-day simple moving average of $53.25.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, beating analysts' consensus estimates of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $1.44 million. On average, equities analysts predict that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on PRAX. Wedbush boosted their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a "neutral" rating in a report on Wednesday, August 14th. Needham & Company LLC reissued a "buy" rating and set a $145.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Oppenheimer boosted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday. HC Wainwright reissued a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Finally, Guggenheim boosted their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $145.67.

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.