Phoenix Financial Ltd. Buys New Holdings in Praxis Precision Medicines, Inc. $PRAX

Phoenix Financial Ltd. purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 6,817 shares of the company’s stock, valued at approximately $362,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Congress Asset Management Co. purchased a new stake in Praxis Precision Medicines during the 3rd quarter valued at $1,613,000. Vivo Capital LLC bought a new position in shares of Praxis Precision Medicines during the second quarter valued at about $7,048,000. Aberdeen Group plc boosted its holdings in shares of Praxis Precision Medicines by 143.5% during the second quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock worth $9,001,000 after purchasing an additional 126,153 shares during the period. SG Americas Securities LLC bought a new stake in shares of Praxis Precision Medicines in the third quarter worth about $715,000. Finally, Kennedy Capital Management LLC grew its stake in shares of Praxis Precision Medicines by 7.9% in the second quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock worth $2,962,000 after purchasing an additional 5,180 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Insider Buying and Selling

In other news, General Counsel Alex Nemiroff sold 25,130 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the transaction, the general counsel directly owned 20,832 shares in the company, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider owned 10,442 shares in the company, valued at $2,005,699.36. The trade was a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is currently owned by company insiders.

Praxis Precision Medicines Trading Down 1.5%

PRAX opened at $309.92 on Thursday. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $326.91. The company has a market cap of $7.81 billion, a price-to-earnings ratio of -24.02 and a beta of 2.85. The stock has a fifty day simple moving average of $263.92 and a two-hundred day simple moving average of $147.68.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. On average, analysts predict that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on PRAX. Guggenheim reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Friday, January 2nd. Needham & Company LLC reissued a “buy” rating and set a $460.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, January 5th. Finally, UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $486.67.

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.