Walleye Capital LLC Boosts Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Walleye Capital LLC grew its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 61.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,613 shares of the company's stock after purchasing an additional 34,000 shares during the quarter. Walleye Capital LLC owned approximately 0.48% of Praxis Precision Medicines worth $6,897,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its position 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 buying an additional 548,986 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company's stock valued at $25,619,000 after acquiring an additional 205,335 shares during the last quarter. Norges Bank purchased a new stake in Praxis Precision Medicines during the 4th quarter worth about $9,151,000. CIBC Asset Management Inc raised its stake in Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after purchasing an additional 117,817 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Praxis Precision Medicines by 335.8% during the 4th quarter. Alliancebernstein L.P. now owns 78,627 shares of the company's stock worth $6,051,000 after purchasing an additional 60,587 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

PRAX traded up $1.46 on Monday, reaching $35.25. 188,007 shares of the company's stock were exchanged, compared to its average volume of 377,043. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $91.83. The company's 50 day moving average is $45.31 and its 200-day moving average is $64.10. The company has a market cap of $710.75 million, a price-to-earnings ratio of -3.42 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The business had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRAX. HC Wainwright reduced their price objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Truist Financial decreased their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price objective for the company. Robert W. Baird reduced their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Finally, Needham & Company LLC restated a "buy" rating and issued a $85.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and an average price target of $123.33.

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.