Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 48.9% during the third quarter, Holdings Channel.com reports. The firm owned 10,096 shares of the company’s stock after selling 9,665 shares during the period. Assenagon Asset Management S.A.’s holdings in Praxis Precision Medicines were worth $581,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PRAX. Point72 Asset Management L.P. raised its stake in Praxis Precision Medicines by 10.2% in the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares in the last quarter. RA Capital Management L.P. purchased a new position in shares of Praxis Precision Medicines in the 1st quarter valued at about $50,548,000. Vanguard Group Inc. raised its position in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after acquiring an additional 373,131 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Praxis Precision Medicines during the first quarter worth approximately $32,707,000. Finally, Kingdon Capital Management L.L.C. boosted its holdings in Praxis Precision Medicines by 1.0% in the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after purchasing an additional 3,335 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PRAX shares. Guggenheim raised their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd. Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday. Wedbush lifted their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus price target of $145.67.

Praxis Precision Medicines Stock Down 2.4 %

Shares of PRAX stock opened at $68.33 on Friday. The stock’s 50-day moving average price is $62.58 and its 200 day moving average price is $53.23. The stock has a market capitalization of $1.21 billion, a PE ratio of -6.67 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 52-week low of $13.01 and a 52-week high of $75.73.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The business had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.44 million. Analysts expect that Praxis Precision Medicines, Inc. will post -8.5 earnings per share 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.