Norges Bank acquired a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 118,900 shares of the company's stock, valued at approximately $9,151,000. Norges Bank owned 0.64% of Praxis Precision Medicines at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of PRAX. JPMorgan Chase & Co. increased its position in shares of Praxis Precision Medicines by 24.0% during the 4th quarter. JPMorgan Chase & Co. now owns 9,693 shares of the company's stock valued at $746,000 after purchasing an additional 1,879 shares during the last quarter. Vanguard Group Inc. increased its position in Praxis Precision Medicines by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock valued at $81,858,000 after acquiring an additional 24,645 shares during the last quarter. Simplify Asset Management Inc. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $3,316,000. Fox Run Management L.L.C. bought a new stake in shares of Praxis Precision Medicines in the 4th quarter worth about $246,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $215,000. 67.84% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
PRAX has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, April 8th. Robert W. Baird cut their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. HC Wainwright decreased 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 report on Monday, March 3rd. Wedbush cut shares of Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research report on Friday, February 28th. Finally, 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 target price on the stock. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $123.33.
Check Out Our Latest Research Report on PRAX
Praxis Precision Medicines Stock Up 4.5 %
Shares of NASDAQ PRAX traded up $1.27 during midday trading on Friday, reaching $29.74. 415,820 shares of the company's stock traded hands, compared to its average volume of 373,079. The company has a market cap of $599.65 million, a price-to-earnings ratio of -2.89 and a beta of 2.66. The stock's 50 day simple moving average is $50.81 and its 200-day simple moving average is $65.10. Praxis Precision Medicines, Inc. has a one year low of $26.70 and a one year high of $91.83.
Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.76) by ($0.18). The company had revenue of $7.48 million during 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%. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.
About Praxis Precision Medicines
(
Free Report)
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.
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