Invesco Ltd. Has $6.69 Million Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Invesco Ltd. cut its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 19.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,983 shares of the company’s stock after selling 20,730 shares during the quarter. Invesco Ltd. owned approximately 0.47% of Praxis Precision Medicines worth $6,694,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc grew its holdings in Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after buying an additional 117,817 shares during the last quarter. Barclays PLC raised its stake 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 purchasing an additional 20,759 shares during the last quarter. Franklin Resources Inc. grew its position in Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after purchasing an additional 205,335 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $304,000. Finally, Geode Capital Management LLC raised its position in shares of Praxis Precision Medicines by 1.0% during the third quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock valued at $22,954,000 after buying an additional 3,779 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Analyst Upgrades and Downgrades

PRAX has been the topic of several research reports. Robert W. Baird lowered their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. HC Wainwright cut their target price on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Wedbush downgraded shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 8th. Finally, Truist Financial reduced their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $123.33.

Praxis Precision Medicines Stock Down 1.6 %

NASDAQ:PRAX opened at $36.00 on Friday. The stock’s fifty day simple moving average is $41.12 and its 200-day simple moving average is $63.33. The firm has a market capitalization of $725.87 million, a P/E ratio of -3.50 and a beta of 2.66. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $7.48 million for the quarter, compared to analyst estimates of $0.36 million. As a group, equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

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.