Hussman Strategic Advisors Inc. Cuts Stock Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Hussman Strategic Advisors Inc. cut its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 50.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,500 shares of the company's stock after selling 10,500 shares during the period. Hussman Strategic Advisors Inc. owned about 0.06% of Praxis Precision Medicines worth $808,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. 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 acquiring an additional 548,986 shares during the last quarter. Franklin Resources Inc. increased its position in shares of 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 purchasing an additional 205,335 shares during the last quarter. Baker BROS. Advisors LP raised its holdings in Praxis Precision Medicines by 145.6% during the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company's stock valued at $18,591,000 after buying an additional 191,572 shares during the period. Wellington Management Group LLP lifted its position in Praxis Precision Medicines by 326.9% in the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company's stock worth $12,653,000 after buying an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Praxis Precision Medicines by 37.2% in 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 during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Up 3.3 %

NASDAQ:PRAX traded up $2.23 during midday trading on Tuesday, hitting $68.94. The stock had a trading volume of 239,174 shares, compared to its average volume of 383,585. The stock has a 50-day moving average of $77.30 and a 200 day moving average of $69.56. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -6.67 and a beta of 2.65. Praxis Precision Medicines, Inc. has a one year low of $33.01 and a one year high of $91.83.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft assumed 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 objective on the stock. Truist Financial increased their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. HC Wainwright restated a "buy" rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Oppenheimer increased their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reissued a "buy" rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research note on Monday, February 10th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines has an average rating of "Moderate Buy" and an average price target of $145.20.

Praxis Precision Medicines Company 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.