Praxis Precision Medicines, Inc. $PRAX Stock Holdings Raised by Stempoint Capital LP

Stempoint Capital LP raised its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 167.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 56,267 shares of the company’s stock after buying an additional 35,200 shares during the quarter. Praxis Precision Medicines comprises 3.5% of Stempoint Capital LP’s portfolio, making the stock its 6th largest holding. Stempoint Capital LP’s holdings in Praxis Precision Medicines were worth $18,129,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Praxis Precision Medicines by 5.1% in 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Praxis Precision Medicines by 367.8% in 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 valued at $3,298,000 after acquiring an additional 68,466 shares during the last quarter. Creative Planning bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $273,000. JPMorgan Chase & Co. lifted its position in Praxis Precision Medicines by 21.4% in the second quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock worth $586,000 after buying an additional 2,459 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake 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 purchasing an additional 2,261 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PRAX shares. Oppenheimer restated an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Raymond James Financial initiated coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 target price on the stock. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Royal Bank Of Canada began coverage on shares of Praxis Precision Medicines in a report on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price target on the stock. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $563.50.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $291.03 on Thursday. The company has a market cap of $8.11 billion, a price-to-earnings ratio of -21.77 and a beta of 2.74. The stock’s fifty day moving average price is $307.32 and its 200 day moving average price is $314.33. Praxis Precision Medicines, Inc. has a 1 year low of $37.19 and a 1 year high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. Research analysts expect that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director owned 2,337 shares in the company, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. 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 owned by company insiders.

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.