Praxis Precision Medicines, Inc. $PRAX Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 88.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,208 shares of the company’s stock after purchasing an additional 12,270 shares during the quarter. JPMorgan Chase & Co.’s holdings in Praxis Precision Medicines were worth $1,389,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PRAX. Tower Research Capital LLC TRC lifted its position in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares in the last quarter. AlphaQuest LLC lifted its position in shares of Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock worth $106,000 after purchasing an additional 1,883 shares in the last quarter. ProShare Advisors LLC acquired a new stake in shares of Praxis Precision Medicines during the third quarter worth about $203,000. Coastal Bridge Advisors LLC acquired a new stake in shares of Praxis Precision Medicines during the third quarter worth about $204,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Praxis Precision Medicines during the third quarter worth about $207,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

PRAX has been the topic of several research reports. Wells Fargo & Company set a $305.00 price target on shares of Praxis Precision Medicines and gave the stock an “equal weight” rating in a research report on Friday, February 20th. UBS Group set a $750.00 price target on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Wedbush upped their target price on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an “underperform” rating in a research note on Friday, February 20th. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th. Finally, Oppenheimer restated an “outperform” rating and set a $750.00 target price (up from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $576.12.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $320.22 on Thursday. The company’s 50 day moving average price is $314.22 and its 200 day moving average price is $240.66. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $356.00. The firm has a market capitalization of $8.92 billion, a price-to-earnings ratio of -23.79 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results 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). Equities analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal 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.