Geode Capital Management LLC Raises Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Geode Capital Management LLC lifted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 2.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 406,711 shares of the company’s stock after acquiring an additional 7,873 shares during the period. Geode Capital Management LLC’s holdings in Praxis Precision Medicines were worth $31,308,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. boosted its position in shares of Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after acquiring an additional 548,986 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Praxis Precision Medicines by 85.6% in the 3rd 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 period. Norges Bank bought a new position in Praxis Precision Medicines in the fourth quarter worth about $9,151,000. CIBC Asset Management Inc boosted its stake in Praxis Precision Medicines by 47.3% in the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after acquiring an additional 117,817 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in Praxis Precision Medicines by 335.8% in the fourth quarter. Alliancebernstein L.P. now owns 78,627 shares of the company’s stock valued at $6,051,000 after buying an additional 60,587 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Trading Up 0.5 %

Shares of PRAX opened at $29.83 on Thursday. The firm has a market capitalization of $601.46 million, a price-to-earnings ratio of -2.90 and a beta of 2.66. The firm’s fifty day simple moving average is $47.34 and its 200-day simple moving average is $64.42. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) 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). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The company had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. On average, analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PRAX. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective on the stock. Truist Financial reduced their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Wedbush cut Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. HC Wainwright cut their target price on 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, Robert W. Baird lowered their price objective on shares of 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. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.