Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Position Reduced by Rafferty Asset Management LLC

Rafferty Asset Management LLC reduced its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 4.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 33,629 shares of the company’s stock after selling 1,730 shares during the period. Rafferty Asset Management LLC’s holdings in Praxis Precision Medicines were worth $2,588,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of PRAX. Barclays PLC lifted its position in shares of Praxis Precision Medicines by 126.8% in the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after buying an additional 20,759 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Praxis Precision Medicines by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock worth $450,000 after buying an additional 448 shares during the last quarter. Ellsworth Advisors LLC bought a new position in shares of Praxis Precision Medicines in the 4th quarter worth about $627,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Praxis Precision Medicines in the 4th quarter worth about $304,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Praxis Precision Medicines in the 4th quarter worth about $48,000. 67.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a research report on Monday, May 5th. Robert W. Baird dropped their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective on the stock. Finally, Wedbush increased their price objective on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $116.50.

Praxis Precision Medicines Trading Up 0.9%

Praxis Precision Medicines stock opened at $37.35 on Tuesday. The stock has a market cap of $760.78 million, a price-to-earnings ratio of -3.63 and a beta of 2.65. The company’s 50-day moving average price is $35.58 and its two-hundred day moving average price is $59.38. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last released its 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%. Research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal 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.