Praxis Precision Medicines, Inc. $PRAX Position Trimmed by Exome Asset Management LLC

Exome Asset Management LLC reduced its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 21.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,469 shares of the company’s stock after selling 12,653 shares during the period. Praxis Precision Medicines accounts for about 7.6% of Exome Asset Management LLC’s portfolio, making the stock its largest holding. Exome Asset Management LLC owned 0.16% of Praxis Precision Medicines worth $14,650,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PRAX. Massachusetts Financial Services Co. MA acquired a new position in Praxis Precision Medicines in the 4th quarter valued at $977,000. Fifth Third Bancorp acquired a new stake in Praxis Precision Medicines during the 1st quarter worth $1,156,000. Geode Capital Management LLC boosted its stake in Praxis Precision Medicines by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock worth $165,783,000 after purchasing an additional 105,347 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Praxis Precision Medicines by 88.0% during the third quarter. JPMorgan Chase & Co. now owns 26,208 shares of the company’s stock worth $1,389,000 after buying an additional 12,270 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of Praxis Precision Medicines by 15.3% during the first quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after buying an additional 6,200 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

PRAX has been the topic of several research reports. Robert W. Baird decreased their price target on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 2nd. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. BTIG Research reiterated a “buy” rating and issued a $810.00 price objective (down from $843.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Finally, Wedbush lowered their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $563.50.

Insider Buying and Selling at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction that occurred 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 owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by company insiders.

Praxis Precision Medicines Stock Down 2.9%

NASDAQ PRAX opened at $315.80 on Tuesday. The business’s fifty day simple moving average is $308.71 and its 200-day simple moving average is $314.33. The firm has a market cap of $8.80 billion, a PE ratio of -23.62 and a beta of 2.74. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52.

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. Research analysts expect that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current 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.