Erste Asset Management GmbH Invests $3.20 Million in Praxis Precision Medicines, Inc. $PRAX

Erste Asset Management GmbH purchased a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, HoldingsChannel reports. The fund purchased 10,500 shares of the company’s stock, valued at approximately $3,198,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $38,000. Danske Bank A S purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $59,000. GAMMA Investing LLC increased its position in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the last quarter. Farther Finance Advisors LLC increased its position in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares during the last quarter. Finally, GF Fund Management CO. LTD. increased its position in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after purchasing an additional 37 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRAX has been the subject of several recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $510.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, April 14th. Raymond James Financial initiated coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price objective for the company. HC Wainwright cut their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a research report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft restated 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. Finally, Wolfe Research initiated coverage on shares of Praxis Precision Medicines in a research report on Monday, February 23rd. They set an “outperform” rating and a $500.00 price objective for the company. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $572.72.

Praxis Precision Medicines Trading Down 1.2%

Praxis Precision Medicines stock opened at $250.33 on Wednesday. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52. The stock has a market cap of $6.98 billion, a P/E ratio of -18.72 and a beta of 2.71. The company has a 50-day moving average price of $322.58 and a 200 day moving average price of $299.72.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. As a group, analysts forecast that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current 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.