Pictet Asset Management Holding SA Acquires New Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Pictet Asset Management Holding SA bought a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,427 shares of the company’s stock, valued at approximately $3,496,000.

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

Praxis Precision Medicines Trading Down 2.0 %

Praxis Precision Medicines stock opened at $32.65 on Friday. The stock has a fifty day moving average price of $57.42 and a 200 day moving average price of $66.49. Praxis Precision Medicines, Inc. has a 52 week low of $30.01 and a 52 week high of $91.83. The firm 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 posted 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). The company had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. As a group, equities analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PRAX. Wedbush lowered shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. HC Wainwright lowered their price target on shares of 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 cut their price objective on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price on the stock. Finally, Robert W. Baird reduced their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating and eight have issued 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 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.