Franklin Resources Inc. lifted its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX – Free Report) by 13.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 356,074 shares of the company’s stock after acquiring an additional 41,917 shares during the period. Franklin Resources Inc.’s holdings in Praxis Precision Medicines were worth $104,949,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System acquired a new stake in Praxis Precision Medicines during the 3rd quarter valued at $287,000. Vanguard Group Inc. lifted its holdings in Praxis Precision Medicines by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock valued at $67,166,000 after purchasing an additional 51,642 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in Praxis Precision Medicines by 51.5% during the 3rd quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock valued at $1,991,000 after purchasing an additional 12,768 shares during the last quarter. Algert Global LLC lifted its holdings in Praxis Precision Medicines by 483.3% during the 3rd quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after purchasing an additional 133,248 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in Praxis Precision Medicines during the 4th quarter valued at $977,000. Institutional investors and hedge funds own 67.84% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on PRAX shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Wolfe Research started coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They set an “outperform” rating and a $500.00 price target for the company. Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the company an “equal weight” rating in a report on Friday, February 20th. Finally, HC Wainwright cut their price target on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus price target of $572.72.
Praxis Precision Medicines Stock Down 3.9%
PRAX stock opened at $240.66 on Thursday. The company has a market cap of $6.71 billion, a PE ratio of -18.00 and a beta of 2.71. The business has a 50-day simple moving average of $321.86 and a 200 day simple moving average of $300.26. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52.
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. On average, analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.
Praxis Precision Medicines Company Profile
Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.
The company’s pipeline includes several lead candidates at various stages of development.
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