Eventide Asset Management LLC Makes New $19.78 Million Investment in Praxis Precision Medicines, Inc. $PRAX

Eventide Asset Management LLC acquired a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 67,100 shares of the company’s stock, valued at approximately $19,777,000. Eventide Asset Management LLC owned approximately 0.27% of Praxis Precision Medicines as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. increased its holdings in Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after purchasing an additional 231,827 shares in the last quarter. Vanguard Group Inc. increased its holdings in Praxis Precision Medicines by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after purchasing an additional 193,647 shares in the last quarter. Morgan Stanley increased its holdings in Praxis Precision Medicines by 38.3% during the 4th quarter. Morgan Stanley now owns 889,889 shares of the company’s stock worth $262,286,000 after purchasing an additional 246,394 shares in the last quarter. Deerfield Management Company L.P. increased its holdings in Praxis Precision Medicines by 22.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after purchasing an additional 153,920 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Praxis Precision Medicines by 20.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company’s stock worth $211,088,000 after purchasing an additional 123,163 shares in the last quarter. 67.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PRAX has been the subject of a number of recent research reports. Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the stock an “equal weight” rating in a report on Friday, February 20th. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Robert W. Baird reduced their target price on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a report on Tuesday, June 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $510.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $572.72.

Praxis Precision Medicines Stock Up 7.5%

PRAX stock opened at $266.58 on Friday. The firm has a market cap of $7.43 billion, a PE ratio of -19.94 and a beta of 2.71. The business has a 50 day moving average of $319.32 and a 200-day moving average of $300.57. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52.

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

Praxis Precision Medicines 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.