Simplify Asset Management Inc. Makes New Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Simplify Asset Management Inc. bought a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, Holdings Channel reports. The institutional investor bought 43,085 shares of the company’s stock, valued at approximately $3,316,000.

Several other large investors have also recently bought and sold shares of PRAX. 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 worth $296,000 after purchasing an additional 156 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of 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 buying an additional 448 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Praxis Precision Medicines during the 4th quarter worth $48,000. New York State Common Retirement Fund grew its position in Praxis Precision Medicines by 12.1% in the fourth quarter. New York State Common Retirement Fund now owns 7,847 shares of the company’s stock worth $604,000 after acquiring an additional 847 shares in the last quarter. Finally, Swiss National Bank increased its stake in Praxis Precision Medicines by 4.0% in the fourth quarter. Swiss National Bank now owns 26,100 shares of the company’s stock valued at $2,009,000 after acquiring an additional 1,000 shares during the last quarter. 67.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PRAX. Needham & Company LLC cut their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Wedbush cut 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 objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of 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 lowered their price target on shares of 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 research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Praxis Precision Medicines Trading Down 1.5 %

PRAX stock opened at $37.12 on Friday. The stock has a market capitalization of $748.45 million, a price-to-earnings ratio of -3.60 and a beta of 2.76. The firm’s 50-day moving average price is $64.56 and its two-hundred day moving average price is $68.08. Praxis Precision Medicines, Inc. has a 12-month low of $30.01 and a 12-month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The business had revenue of $7.48 million for the quarter, compared to the consensus estimate 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%. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current 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.