Vanguard Group Inc. Increases Stock Position in Praxis Precision Medicines, Inc. $PRAX

Vanguard Group Inc. lifted its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,267,286 shares of the company’s stock after acquiring an additional 51,642 shares during the quarter. Vanguard Group Inc. owned 5.99% of Praxis Precision Medicines worth $67,166,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. lifted its position in Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after purchasing an additional 231,827 shares during the period. Geode Capital Management LLC grew its position in Praxis Precision Medicines by 8.1% in the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock worth $18,997,000 after purchasing an additional 33,715 shares during the period. Vivo Capital LLC bought a new stake in Praxis Precision Medicines in the 2nd quarter worth approximately $7,048,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Praxis Precision Medicines by 367.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock valued at $3,298,000 after buying an additional 68,466 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its stake in Praxis Precision Medicines by 7.9% during the 2nd quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock valued at $2,962,000 after buying an additional 5,180 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Truist Financial raised their price target on Praxis Precision Medicines from $500.00 to $700.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Citigroup reiterated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Wells Fargo & Company set a $305.00 target price on Praxis Precision Medicines and gave the company an “equal weight” rating in a report on Friday, February 20th. HC Wainwright reissued a “buy” rating and issued a $1,245.00 target price (up from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. Finally, Wedbush boosted their price target on Praxis Precision Medicines from $95.00 to $130.00 and gave the company an “underperform” rating in a research note on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average target price of $576.12.

Praxis Precision Medicines Stock Up 0.0%

NASDAQ PRAX opened at $310.71 on Friday. The stock’s 50-day moving average price is $311.95 and its 200-day moving average price is $197.92. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $356.00. The company has a market capitalization of $8.65 billion, a P/E ratio of -23.08 and a beta of 2.86.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). Research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

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.