State Street Corp Has $45.44 Million Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

State Street Corp lessened its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 789,624 shares of the company's stock after selling 29,518 shares during the quarter. State Street Corp owned 4.24% of Praxis Precision Medicines worth $45,435,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc lifted its stake in Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company's stock valued at $14,324,000 after buying an additional 56,272 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Praxis Precision Medicines by 369.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company's stock valued at $548,000 after acquiring an additional 7,496 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Praxis Precision Medicines by 523.2% in the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company's stock worth $3,120,000 after purchasing an additional 63,329 shares during the period. TD Asset Management Inc increased its holdings in Praxis Precision Medicines by 46.6% during the 2nd quarter. TD Asset Management Inc now owns 51,312 shares of the company's stock worth $2,122,000 after purchasing an additional 16,312 shares in the last quarter. Finally, Moody Aldrich Partners LLC raised its stake in shares of Praxis Precision Medicines by 29.6% in the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company's stock valued at $1,819,000 after purchasing an additional 7,224 shares during the period. 67.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PRAX has been the subject of several recent research reports. Oppenheimer increased 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, October 31st. Needham & Company LLC reaffirmed a "buy" rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $146.33.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the business's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the sale, the insider now owns 5,613 shares of the company's stock, valued at $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Praxis Precision Medicines Trading Up 5.1 %

Shares of PRAX traded up $3.68 during midday trading on Friday, reaching $76.52. The stock had a trading volume of 530,675 shares, compared to its average volume of 292,825. The firm has a market cap of $1.43 billion, a PE ratio of -7.43 and a beta of 2.67. The firm has a 50 day simple moving average of $73.37 and a 200-day simple moving average of $59.28. Praxis Precision Medicines, Inc. has a one year low of $18.09 and a one year high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing analysts' consensus estimates of ($2.01) by ($0.74). The business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same period last year, the firm earned ($2.70) EPS. As a group, research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Praxis Precision Medicines 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.