Eagle Health Investments LP Invests $4.41 Million in Praxis Precision Medicines, Inc. $PRAX

Eagle Health Investments LP acquired a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 14,951 shares of the company’s stock, valued at approximately $4,407,000. Praxis Precision Medicines comprises approximately 1.0% of Eagle Health Investments LP’s investment portfolio, making the stock its 23rd largest holding. Eagle Health Investments LP owned about 0.06% of Praxis Precision Medicines at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. grew its stake in shares of Praxis Precision Medicines by 13.3% in 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 during the last quarter. Vanguard Group Inc. grew its stake in shares of Praxis Precision Medicines by 15.3% in 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 during the last quarter. Deerfield Management Company L.P. grew its stake in shares of Praxis Precision Medicines by 22.4% in 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 during the last quarter. Bank of America Corp DE grew its stake in shares of Praxis Precision Medicines by 12.7% in the 3rd quarter. Bank of America Corp DE now owns 482,861 shares of the company’s stock worth $25,592,000 after purchasing an additional 54,458 shares during the last quarter. Finally, Woodline Partners LP grew its stake in shares of Praxis Precision Medicines by 808.9% in the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock worth $22,136,000 after purchasing an additional 371,717 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PRAX shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. HC Wainwright reissued a “buy” rating and issued a $1,245.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, April 7th. Truist Financial lifted their target price on shares of Praxis Precision Medicines from $700.00 to $715.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. BTIG Research reissued a “buy” rating and issued a $843.00 target price on shares of Praxis Precision Medicines in a research report on Wednesday. Finally, Wedbush lifted their target price on shares of Praxis Precision Medicines from $130.00 to $166.00 and gave the stock an “underperform” rating in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $592.67.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $335.61 on Thursday. The firm’s 50 day simple moving average is $319.52 and its 200-day simple moving average is $286.94. Praxis Precision Medicines, Inc. has a fifty-two week low of $35.21 and a fifty-two week high of $358.76. The company has a market cap of $9.36 billion, a P/E ratio of -25.10 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last announced 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, analysts expect that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

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.