Perceptive Advisors LLC Buys 431,432 Shares of Praxis Precision Medicines, Inc. $PRAX

Perceptive Advisors LLC lifted its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 27.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,995,986 shares of the company’s stock after purchasing an additional 431,432 shares during the quarter. Praxis Precision Medicines comprises 10.5% of Perceptive Advisors LLC’s portfolio, making the stock its largest position. Perceptive Advisors LLC owned approximately 7.92% of Praxis Precision Medicines worth $588,297,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rafferty Asset Management LLC raised its position in shares of Praxis Precision Medicines by 51.5% during the 3rd quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock worth $1,991,000 after purchasing an additional 12,768 shares during the period. Algert Global LLC raised its position in shares of Praxis Precision Medicines by 483.3% during the 3rd quarter. Algert Global LLC now owns 160,818 shares of the company’s stock worth $8,523,000 after purchasing an additional 133,248 shares during the period. Vanguard Group Inc. raised its position in shares of Praxis Precision Medicines by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after purchasing an additional 51,642 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $977,000. Finally, HighVista Strategies LLC raised its position in shares of Praxis Precision Medicines by 41.2% during the 3rd quarter. HighVista Strategies LLC now owns 95,002 shares of the company’s stock worth $5,035,000 after purchasing an additional 27,714 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Price Performance

PRAX opened at $270.01 on Thursday. 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 $7.53 billion, a P/E ratio of -20.20 and a beta of 2.71. The stock’s 50 day moving average price is $316.54 and its 200 day moving average price is $302.97.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating the consensus estimate of ($3.58) by $0.38. Equities analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PRAX shares. Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Needham & Company LLC reiterated a “buy” rating and set a $510.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, April 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Wells Fargo & Company set a $305.00 target price on Praxis Precision Medicines and gave the company an “equal weight” rating in a research report on Friday, February 20th. Finally, Wolfe Research assumed coverage on Praxis Precision Medicines in a research report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 target price on the stock. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $566.21.

Praxis Precision Medicines 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.