Massachusetts Financial Services Co. MA Invests $977,000 in Praxis Precision Medicines, Inc. $PRAX

Massachusetts Financial Services Co. MA purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the fourth quarter, Holdings Channel.com reports. The fund purchased 3,316 shares of the company’s stock, valued at approximately $977,000.

A number of other institutional investors also recently modified their holdings of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after buying an additional 573 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Praxis Precision Medicines by 367.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock worth $3,298,000 after buying an additional 68,466 shares in the last quarter. Creative Planning acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth $273,000. JPMorgan Chase & Co. raised its holdings in shares of Praxis Precision Medicines by 21.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock worth $586,000 after buying an additional 2,459 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Praxis Precision Medicines by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock worth $701,000 after buying an additional 2,261 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Up 6.9%

Shares of PRAX opened at $342.50 on Friday. Praxis Precision Medicines, Inc. has a 12-month low of $32.78 and a 12-month high of $356.00. The business has a 50-day simple moving average of $316.68 and a two-hundred day simple moving average of $252.88. The stock has a market cap of $9.54 billion, a PE ratio of -25.45 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). On average, equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Analysts Set New Price Targets

PRAX has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and set a $1,245.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 7th. Wolfe Research initiated coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They set an “outperform” rating and a $500.00 price target for the company. BTIG Research reissued a “buy” rating and set a $843.00 price target on shares of Praxis Precision Medicines in a report on Monday, April 6th. Wedbush boosted their price target on Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an “underperform” rating in a report on Friday, February 20th. Finally, Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the stock an “equal weight” rating in a report on Friday, February 20th. Five investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Buy” and a consensus target price of $590.78.

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.