Goldman Sachs Group Inc. Boosts Position in Praxis Precision Medicines, Inc. $PRAX

Goldman Sachs Group Inc. boosted its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 20.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 716,184 shares of the company’s stock after buying an additional 123,163 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Praxis Precision Medicines were worth $211,088,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after purchasing an additional 573 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Praxis Precision Medicines by 367.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock worth $3,298,000 after purchasing an additional 68,466 shares during the period. Creative Planning acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $273,000. JPMorgan Chase & Co. grew its stake in shares of Praxis Precision Medicines by 21.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock worth $586,000 after purchasing an additional 2,459 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of Praxis Precision Medicines by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock worth $701,000 after purchasing an additional 2,261 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Down 4.1%

Shares of PRAX opened at $254.00 on Friday. Praxis Precision Medicines, Inc. has a 52-week low of $37.19 and a 52-week high of $366.52. The firm’s fifty day moving average is $324.36 and its two-hundred day moving average is $298.09. The stock has a market cap of $7.08 billion, a PE ratio of -19.00 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. As a group, research analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRAX. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday. Robert W. Baird cut their price target on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a report on Tuesday, June 2nd. Raymond James Financial initiated coverage on shares of Praxis Precision Medicines in a report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target for the company. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average price target of $572.72.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.