Rhumbline Advisers Cuts Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Rhumbline Advisers trimmed its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,769 shares of the company’s stock after selling 347 shares during the quarter. Rhumbline Advisers owned about 0.12% of Praxis Precision Medicines worth $1,752,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $48,000. US Bancorp DE increased its stake in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth about $217,000. Mesirow Financial Investment Management Inc. acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at about $231,000. Finally, Glenmede Trust Co. NA acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at about $240,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analyst Ratings Changes

PRAX has been the topic of several research reports. HC Wainwright cut their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price on the stock. Wedbush lowered shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. Robert W. Baird lowered their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday. Finally, Truist Financial reduced their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $36.21 on Wednesday. The firm has a 50-day moving average of $74.53 and a two-hundred day moving average of $69.53. The stock has a market cap of $674.88 million, a P/E ratio of -3.52 and a beta of 2.65. Praxis Precision Medicines, Inc. has a 1-year low of $30.01 and a 1-year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $7.48 million during the quarter, compared to analysts’ expectations of $0.36 million. As a group, equities analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

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.