Franklin Resources Inc. Decreases Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Franklin Resources Inc. reduced its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 12.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 389,835 shares of the company’s stock after selling 55,398 shares during the period. Franklin Resources Inc.’s holdings in Praxis Precision Medicines were worth $30,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Praxis Precision Medicines by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after acquiring an additional 24,645 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after purchasing an additional 548,986 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Praxis Precision Medicines by 37.2% in the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after purchasing an additional 141,881 shares during the period. Geode Capital Management LLC lifted its stake in shares of Praxis Precision Medicines by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock worth $22,954,000 after purchasing an additional 3,779 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Praxis Precision Medicines by 47.3% in the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock worth $28,226,000 after buying an additional 117,817 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Needham & Company LLC reduced their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price on the stock. Wedbush lowered Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. HC Wainwright decreased their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Finally, Robert W. Baird cut their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.33.

Praxis Precision Medicines Trading Down 2.0 %

NASDAQ:PRAX opened at $32.65 on Friday. The stock has a 50-day moving average price of $57.42 and a 200 day moving average price of $66.55. Praxis Precision Medicines, Inc. has a 12-month low of $30.01 and a 12-month high of $91.83. The stock has a market capitalization of $658.32 million, a P/E ratio of -3.17 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share (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 analysts’ expectations of $0.36 million. On average, research analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Praxis Precision Medicines 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.