Praxis Precision Medicines, Inc. $PRAX Stock Position Boosted by Perceptive Advisors LLC

Perceptive Advisors LLC boosted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,035,986 shares of the company’s stock after buying an additional 40,000 shares during the period. Praxis Precision Medicines accounts for approximately 12.8% of Perceptive Advisors LLC’s holdings, making the stock its largest holding. Perceptive Advisors LLC owned approximately 7.30% of Praxis Precision Medicines worth $655,974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Orbis Allan Gray Ltd purchased a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $369,946,000. Janus Henderson Group PLC grew its holdings in Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after purchasing an additional 476,227 shares during the period. Barclays PLC grew its holdings in Praxis Precision Medicines by 592.6% in the fourth quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after purchasing an additional 454,114 shares during the period. Baker BROS. Advisors LP increased its position in Praxis Precision Medicines by 63.4% during the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after purchasing an additional 437,000 shares during the last quarter. Finally, RA Capital Management L.P. acquired a new position in Praxis Precision Medicines during the fourth quarter worth approximately $110,170,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of recent analyst reports. Needham & Company LLC increased their price target on shares of Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Deutsche Bank Aktiengesellschaft reissued 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, June 2nd. The Goldman Sachs Group started coverage on Praxis Precision Medicines in a report on Monday, July 13th. They set a “buy” rating and a $447.00 price objective for the company. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $563.50.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the sale, the director directly owned 2,337 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $307.83 on Friday. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of -23.02 and a beta of 2.74. Praxis Precision Medicines, Inc. has a one year low of $37.19 and a one year high of $366.52. The company’s 50 day moving average price is $305.75 and its 200 day moving average price is $314.42.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data 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. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current fiscal year.

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.