Glenmede Trust Co. NA Sells 2,878 Shares of Praxis Precision Medicines, Inc. $PRAX

Glenmede Trust Co. NA lessened its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 45.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,410 shares of the company’s stock after selling 2,878 shares during the quarter. Glenmede Trust Co. NA’s holdings in Praxis Precision Medicines were worth $1,099,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Oppenheimer restated an “outperform” rating and issued a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. BTIG Research reissued a “buy” rating and set a $810.00 price target on shares of Praxis Precision Medicines in a report on Wednesday, July 29th. Wedbush reduced their price target on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a research report on Tuesday, June 2nd. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $563.85.

Insider Activity at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the transaction, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company’s stock.

Praxis Precision Medicines Stock Up 16.0%

NASDAQ PRAX opened at $370.16 on Friday. The firm has a market cap of $10.32 billion, a price-to-earnings ratio of -27.69 and a beta of 2.78. The business has a 50-day moving average price of $303.77 and a 200-day moving average price of $315.47. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $382.54.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.67) by $0.80. Research analysts expect that Praxis Precision Medicines, Inc. will post -14.82 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.