Praxis Precision Medicines, Inc. $PRAX is Exome Asset Management LLC’s Largest Position

Exome Asset Management LLC trimmed its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 21.8% in the first quarter, Holdings Channel reports. The firm owned 45,469 shares of the company’s stock after selling 12,653 shares during the period. Praxis Precision Medicines comprises 7.6% of Exome Asset Management LLC’s investment portfolio, making the stock its largest holding. Exome Asset Management LLC’s holdings in Praxis Precision Medicines were worth $14,650,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. NBC Securities Inc. acquired a new position in Praxis Precision Medicines in the fourth quarter valued at about $38,000. Parallel Advisors LLC increased its position in shares of Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after acquiring an additional 120 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at approximately $59,000. GAMMA Investing LLC raised its stake in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after acquiring an additional 359 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Down 2.9%

Shares of PRAX stock opened at $315.80 on Tuesday. The firm has a 50 day moving average of $308.71 and a two-hundred day moving average of $314.33. The stock has a market capitalization of $8.80 billion, a PE ratio of -23.62 and a beta of 2.74. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. Analysts expect that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PRAX shares. Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Royal Bank Of Canada started coverage on Praxis Precision Medicines in a research note on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price objective for the company. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $563.50.

Insider Buying and Selling

In related news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, the director directly owned 2,337 shares of the company’s stock, valued at $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by insiders.

Praxis Precision Medicines Company Profile

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.