New York State Common Retirement Fund Boosts Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

New York State Common Retirement Fund lifted its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 12.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,847 shares of the company’s stock after acquiring an additional 847 shares during the period. New York State Common Retirement Fund’s holdings in Praxis Precision Medicines were worth $604,000 as of its most recent SEC filing.

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

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $36.21 on Wednesday. Praxis Precision Medicines, Inc. has a one year low of $30.01 and a one year high of $91.83. The business’s 50-day moving average price is $74.53 and its two-hundred day moving average price is $69.53. The company has a market capitalization of $674.88 million, a P/E ratio of -3.52 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data 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 company had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. On average, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PRAX shares. Needham & Company LLC dropped their price objective on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target on the stock. HC Wainwright cut 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 report on Monday. Truist Financial lowered their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday. Finally, Robert W. Baird cut their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Company 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.