Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Holdings Cut by Wellington Management Group LLP

Wellington Management Group LLP lowered its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 70.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 63,934 shares of the company's stock after selling 155,973 shares during the period. Wellington Management Group LLP owned 0.34% of Praxis Precision Medicines worth $4,920,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. KLP Kapitalforvaltning AS acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $215,000. Fox Run Management L.L.C. purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $246,000. Arizona State Retirement System raised its stake in Praxis Precision Medicines by 4.2% during the fourth quarter. Arizona State Retirement System now owns 3,851 shares of the company's stock worth $296,000 after purchasing an additional 156 shares during the period. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at about $304,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

PRAX traded down $0.48 during trading hours on Wednesday, hitting $29.19. 60,461 shares of the stock were exchanged, compared to its average volume of 373,949. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $91.83. The stock has a 50-day simple moving average of $48.48 and a 200-day simple moving average of $64.66. The stock has a market cap of $588.56 million, a price-to-earnings ratio of -2.83 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Wall Street Analyst Weigh In

PRAX has been the subject of several recent research reports. Wedbush lowered shares of Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 price target on the stock. Robert W. Baird dropped their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. HC Wainwright decreased their target price on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and an average target price of $123.33.

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.