Janus Henderson Group PLC Boosts Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Janus Henderson Group PLC raised its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 77.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 929,523 shares of the company’s stock after acquiring an additional 405,957 shares during the quarter. Janus Henderson Group PLC’s holdings in Praxis Precision Medicines were worth $71,621,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PRAX. Barclays PLC increased its holdings in Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock valued at $2,136,000 after acquiring an additional 20,759 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Praxis Precision Medicines by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock valued at $450,000 after acquiring an additional 448 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in 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 acquiring an additional 548,986 shares in the last quarter. Ellsworth Advisors LLC purchased a new position in Praxis Precision Medicines during the 4th quarter valued at about $627,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in Praxis Precision Medicines during the 4th quarter valued at about $304,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

PRAX opened at $37.32 on Wednesday. The company’s 50 day simple moving average is $35.62 and its 200 day simple moving average is $60.37. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $91.83. The stock has a market capitalization of $760.17 million, a PE ratio of -3.62 and a beta of 2.65.

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

Analysts Set New Price Targets

PRAX has been the subject of several recent research reports. Robert W. Baird dropped their target price on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. 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. Truist Financial decreased their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Chardan Capital began coverage on shares of Praxis Precision Medicines in a research note on Wednesday, May 7th. They set a “buy” rating and a $80.00 price target on the stock. Finally, Wedbush raised their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $116.50.

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.