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

Simplify Asset Management Inc. purchased a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 43,085 shares of the company’s stock, valued at approximately $3,316,000. Simplify Asset Management Inc. owned approximately 0.23% of Praxis Precision Medicines as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Wedbush lowered Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. HC Wainwright dropped their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research note 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 price objective on the stock. Truist Financial lowered their target price 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. Finally, Robert W. Baird cut their price target on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Praxis Precision Medicines Stock Down 1.5 %

Praxis Precision Medicines stock opened at $37.12 on Friday. The company has a market capitalization of $748.45 million, a P/E ratio of -3.60 and a beta of 2.76. The firm has a 50 day moving average price of $64.56 and a 200-day moving average price of $68.08. Praxis Precision Medicines, Inc. has a twelve month low of $30.01 and a twelve month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $7.48 million during the quarter, compared to analysts’ expectations of $0.36 million. Equities analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

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.