Simplify Asset Management Inc. bought a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 43,085 shares of the company's stock, valued at approximately $3,316,000. Simplify Asset Management Inc. owned about 0.23% of Praxis Precision Medicines as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of PRAX. CIBC Asset Management Inc raised its stake in Praxis Precision Medicines by 47.3% during the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock worth $28,226,000 after acquiring an additional 117,817 shares during the period. Barclays PLC lifted its holdings in shares of Praxis Precision Medicines by 126.8% in 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 last quarter. Franklin Resources Inc. boosted its position 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 purchasing an additional 205,335 shares during the period. BNP Paribas Financial Markets grew its stake in Praxis Precision Medicines by 369.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company's stock worth $548,000 after buying an additional 7,496 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in Praxis Precision Medicines in the fourth quarter worth $304,000. 67.84% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the stock. HC Wainwright lowered their price target 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. Truist Financial dropped their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Robert W. Baird reduced their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Needham & Company LLC lowered their target price on Praxis Precision Medicines from $150.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. Finally, Wedbush downgraded Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $123.33.
Check Out Our Latest Stock Analysis on PRAX
Praxis Precision Medicines Stock Performance
Shares of PRAX stock traded up $0.66 during mid-day trading on Thursday, hitting $38.85. 386,522 shares of the stock traded hands, compared to its average volume of 353,586. Praxis Precision Medicines, Inc. has a twelve month low of $30.01 and a twelve month high of $91.83. The company's 50-day simple moving average is $62.18 and its 200-day simple moving average is $67.45. The firm has a market cap of $783.33 million, a price-to-earnings ratio of -3.77 and a beta of 2.76.
Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its 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). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. Analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.
Praxis Precision Medicines Company Profile
(
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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