Praxis Precision Medicines, Inc. $PRAX Stock Holdings Raised by Perceptive Advisors LLC

Perceptive Advisors LLC increased its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 2.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 2,035,986 shares of the company’s stock after acquiring an additional 40,000 shares during the period. Praxis Precision Medicines makes up approximately 12.8% of Perceptive Advisors LLC’s holdings, making the stock its largest holding. Perceptive Advisors LLC owned about 0.07% of Praxis Precision Medicines worth $655,974,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC grew its position in Praxis Precision Medicines by 3,000.0% in 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 in the last quarter. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter valued at $38,000. Danske Bank A S purchased a new position in shares of Praxis Precision Medicines in the fourth quarter valued at $59,000. Farther Finance Advisors LLC grew its holdings in Praxis Precision Medicines by 60.0% during the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares in the last quarter. Finally, ABS Direct Equity Fund LLC acquired a new stake in Praxis Precision Medicines during the 1st quarter valued at $135,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

PRAX opened at $307.83 on Friday. The stock has a market capitalization of $8.58 billion, a PE ratio of -23.02 and a beta of 2.74. The firm’s fifty day moving average price is $305.75 and its 200 day moving average price is $314.42. 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 posted its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. On average, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Oppenheimer reiterated an “outperform” rating and issued a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. The Goldman Sachs Group started coverage on Praxis Precision Medicines in a research report on Monday, July 13th. They set a “buy” rating and a $447.00 target price on the stock. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Finally, Royal Bank Of Canada initiated coverage on Praxis Precision Medicines in a report on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price target for the company. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Insider Activity

In other news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director owned 2,337 shares in the company, valued at approximately $727,554.84. This represents a 83.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company’s stock.

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.