Franklin Resources Inc. Raises Stock Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Franklin Resources Inc. boosted its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 85.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & 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. owned 2.39% of Praxis Precision Medicines worth $25,619,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PRAX. Point72 Asset Management L.P. grew its position in shares of Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after buying an additional 97,561 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after acquiring an additional 141,881 shares during the period. Geode Capital Management LLC grew its holdings in Praxis Precision Medicines by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock worth $22,954,000 after acquiring an additional 3,779 shares in the last quarter. Baker BROS. Advisors LP increased its position in Praxis Precision Medicines by 145.6% during the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after purchasing an additional 191,572 shares during the period. Finally, CIBC Asset Management Inc raised its holdings in shares of Praxis Precision Medicines by 29.2% in the 3rd 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. Institutional investors own 67.84% of the company’s stock.

Insider Transactions at Praxis Precision Medicines

In other news, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now directly 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 disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Praxis Precision Medicines Trading Up 3.9 %

Shares of Praxis Precision Medicines stock opened at $72.84 on Friday. The firm’s 50 day simple moving average is $73.37 and its two-hundred day simple moving average is $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 12-month low of $16.46 and a 12-month high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results 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 firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same period in the previous year, the company earned ($2.70) earnings per share. On average, sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Oppenheimer increased their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $146.33.

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.