Seven Fleet Capital Management LP Makes New Investment in Praxis Precision Medicines, Inc. $PRAX

Seven Fleet Capital Management LP purchased a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,540 shares of the company’s stock, valued at approximately $2,524,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRAX. Parallel Advisors LLC boosted its position in shares of Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after buying an additional 120 shares during the last quarter. Danske Bank A S purchased a new position in Praxis Precision Medicines in the 4th quarter worth about $59,000. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after buying an additional 31 shares during the last quarter. ABS Direct Equity Fund LLC bought a new position in Praxis Precision Medicines during the 1st quarter valued at about $135,000. Finally, Los Angeles Capital Management LLC bought a new position in Praxis Precision Medicines during the 4th quarter valued at about $163,000. 67.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. HC Wainwright reduced their price target 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 note on Tuesday, June 2nd. Robert W. Baird set a $514.00 price objective on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Truist Financial set a $616.00 target price on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Wells Fargo & Company reiterated a “positive” rating and set a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $585.95.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $351.81 on Friday. The company’s fifty day simple moving average is $338.92 and its 200-day simple moving average is $323.11. The stock has a market capitalization of $9.82 billion, a PE ratio of -27.21 and a beta of 2.76. Praxis Precision Medicines, Inc. has a 1-year low of $37.19 and a 1-year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.67) by $0.80. As a group, research analysts anticipate that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the sale, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company’s stock.

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.