Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. raised its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 85.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 445,233 shares of the company’s stock after acquiring an additional 205,335 shares during the quarter. Franklin Resources Inc.’s holdings in Praxis Precision Medicines were worth $25,619,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Amalgamated Bank acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter valued at about $25,000. US Bancorp DE boosted its position in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after purchasing an additional 605 shares in the last quarter. Quarry LP purchased a new position in Praxis Precision Medicines during the second quarter worth approximately $83,000. Intech Investment Management LLC acquired a new stake in Praxis Precision Medicines in the third quarter valued at approximately $217,000. Finally, Geode Capital Management LLC increased its position in shares of Praxis Precision Medicines by 1.0% in 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 in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Insider Activity

In other news, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

PRAX has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Oppenheimer boosted their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Stock Up 3.9 %

Praxis Precision Medicines stock opened at $72.84 on Friday. The company has a fifty day simple moving average of $73.37 and a 200-day simple moving average of $59.28. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -7.07 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 52-week low of $16.46 and a 52-week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.53 million. During the same period in the prior year, the company posted ($2.70) EPS. On average, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 EPS 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.