Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Sold by Driehaus Capital Management LLC

Driehaus Capital Management LLC reduced its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 0.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,912 shares of the company’s stock after selling 1,144 shares during the period. Driehaus Capital Management LLC owned approximately 0.88% of Praxis Precision Medicines worth $12,692,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in Praxis Precision Medicines in the fourth quarter valued at about $48,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $215,000. Envestnet Asset Management Inc. acquired a new position in Praxis Precision Medicines during the 4th quarter worth approximately $231,000. Freestone Grove Partners LP purchased a new position in Praxis Precision Medicines in the 4th quarter worth approximately $237,000. Finally, Fox Run Management L.L.C. acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $246,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $38.35 on Friday. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $91.83. The business’s fifty day moving average price is $35.62 and its 200 day moving average price is $60.92. The stock has a market capitalization of $781.15 million, a PE ratio of -3.72 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. As a group, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PRAX. HC Wainwright restated a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. 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, March 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, May 5th. Finally, Wedbush upped their target price on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an “underperform” rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $116.50.

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.