Wellington Management Group LLP Sells 48,483 Shares of Praxis Precision Medicines, Inc. $PRAX

Wellington Management Group LLP lowered its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 27.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 125,867 shares of the company’s stock after selling 48,483 shares during the quarter. Wellington Management Group LLP’s holdings in Praxis Precision Medicines were worth $42,139,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PRAX. Orbis Allan Gray Ltd bought a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $369,946,000. Janus Henderson Group PLC increased its stake in shares of Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after buying an additional 476,227 shares during the period. Barclays PLC increased its position in Praxis Precision Medicines by 592.6% in the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after acquiring an additional 454,114 shares during the period. Baker BROS. Advisors LP raised its position in Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after purchasing an additional 437,000 shares during the last quarter. Finally, Perceptive Advisors LLC raised its position in shares of Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after acquiring an additional 431,432 shares during the last quarter. 67.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director owned 2,337 shares of the company’s stock, valued at $727,554.84. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by insiders.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $355.15 on Friday. The firm has a market capitalization of $9.92 billion, a P/E ratio of -27.47 and a beta of 2.76. Praxis Precision Medicines, Inc. has a one year low of $37.19 and a one year high of $392.70. The business has a fifty day moving average price of $338.44 and a 200-day moving average price of $322.91.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly 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. Sell-side analysts expect that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. Finally, HC Wainwright dropped 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. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $585.95.

About Praxis Precision Medicines

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.