China Universal Asset Management Co. Ltd. Invests $304,000 in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

China Universal Asset Management Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 3,952 shares of the company’s stock, valued at approximately $304,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRAX. CIBC Asset Management Inc boosted its stake in shares of Praxis Precision Medicines by 29.2% during the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after purchasing an additional 56,272 shares in the last quarter. Barclays PLC lifted its holdings in Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after buying an additional 20,759 shares during the period. Franklin Resources Inc. grew its position in shares of Praxis Precision Medicines by 85.6% in the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Praxis Precision Medicines by 369.4% in the third quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock valued at $548,000 after buying an additional 7,496 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Praxis Precision Medicines by 326.9% during the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock worth $12,653,000 after acquiring an additional 168,394 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PRAX has been the topic of several analyst reports. Truist Financial upped their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Oppenheimer upped their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.11.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $76.55 on Monday. Praxis Precision Medicines, Inc. has a one year low of $33.01 and a one year high of $86.93. The company has a market cap of $1.43 billion, a PE ratio of -7.43 and a beta of 2.66. The stock has a 50-day moving average of $74.32 and a 200-day moving average of $66.50.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period last year, the business posted ($2.70) EPS. Analysts expect that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Insider Activity at Praxis Precision Medicines

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

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.