VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.70 Million in Praxis Precision Medicines, Inc. $PRAX

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,060 shares of the company’s stock, valued at approximately $2,698,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRAX. Parallel Advisors LLC increased its holdings in shares of Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after purchasing an additional 120 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after purchasing an additional 31 shares during the period. ABS Direct Equity Fund LLC acquired a new stake in shares of Praxis Precision Medicines during the first quarter worth $135,000. Los Angeles Capital Management LLC purchased a new position in Praxis Precision Medicines in the 4th quarter valued at $163,000. Finally, Global Retirement Partners LLC purchased a new position in Praxis Precision Medicines in the 4th quarter valued at $177,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $338.57 on Friday. The stock has a fifty day moving average price of $340.22 and a 200 day moving average price of $323.61. The stock has a market cap of $9.45 billion, a PE ratio of -26.18 and a beta of 2.76. Praxis Precision Medicines, Inc. has a 1 year low of $37.24 and a 1 year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, beating the consensus estimate of ($3.67) by $0.80. As a group, equities research analysts predict that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Oppenheimer restated an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $585.95.

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 2,337 shares in the company, valued at $727,554.84. The trade was a 83.23% decrease in their position. The transaction 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 corporate insiders.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc (NASDAQ: PRAX) is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis’ pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.