45,427 Shares in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA acquired a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 45,427 shares of the company’s stock, valued at approximately $3,496,000. Pictet Asset Management Holding SA owned about 0.24% of Praxis Precision Medicines at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $48,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $215,000. Fox Run Management L.L.C. acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at $246,000. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at $217,000. Finally, Arizona State Retirement System raised its stake in Praxis Precision Medicines by 4.2% during the 4th quarter. Arizona State Retirement System now owns 3,851 shares of the company’s stock worth $296,000 after acquiring an additional 156 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on PRAX shares. Wedbush lowered Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. HC Wainwright cut their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Truist Financial decreased their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Needham & Company LLC cut their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft initiated 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 for the company. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $123.33.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $32.65 on Friday. The stock has a market capitalization of $658.32 million, a PE ratio of -3.17 and a beta of 2.66. The company has a fifty day moving average of $57.42 and a 200-day moving average of $66.49. Praxis Precision Medicines, Inc. has a one year low of $30.01 and a one year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Friday, February 28th. The company reported ($2.94) 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 firm had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

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.