Sofinnova Investments Inc. Has $37.06 Million Stake in Praxis Precision Medicines, Inc. $PRAX

Sofinnova Investments Inc. trimmed its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 27.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 125,722 shares of the company’s stock after selling 47,111 shares during the period. Praxis Precision Medicines comprises about 1.5% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 19th largest holding. Sofinnova Investments Inc.’s holdings in Praxis Precision Medicines were worth $37,055,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PRAX. NBC Securities Inc. bought a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $38,000. Danske Bank A S bought a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $59,000. GAMMA Investing LLC lifted its holdings in shares of Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Praxis Precision Medicines by 60.0% in the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on PRAX. Wolfe Research began coverage on Praxis Precision Medicines in a report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 price target on the stock. Oppenheimer restated an “outperform” rating and issued a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. Raymond James Financial began coverage on Praxis Precision Medicines in a report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target on the stock. Finally, HC Wainwright cut their price target on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $572.72.

Praxis Precision Medicines Stock Performance

PRAX opened at $264.54 on Tuesday. Praxis Precision Medicines, Inc. has a 52-week low of $37.19 and a 52-week high of $366.52. The firm has a market capitalization of $7.38 billion, a PE ratio of -19.79 and a beta of 2.71. The business’s 50-day simple moving average is $318.40 and its 200 day simple moving average is $301.91.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, research analysts forecast that Praxis Precision Medicines, Inc. will post -14.79 earnings per share 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.