Cormorant Asset Management LP Lowers Position in Praxis Precision Medicines, Inc. $PRAX

Cormorant Asset Management LP cut its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 5.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 950,000 shares of the company’s stock after selling 50,000 shares during the period. Praxis Precision Medicines accounts for 12.9% of Cormorant Asset Management LP’s portfolio, making the stock its largest holding. Cormorant Asset Management LP’s holdings in Praxis Precision Medicines were worth $280,003,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PRAX. Artia Global Partners LP purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter worth $737,000. Baker BROS. Advisors LP grew its stake in Praxis Precision Medicines by 63.4% during the fourth quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after acquiring an additional 437,000 shares in the last quarter. ACT Capital Management LLC purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth $206,000. Logos Global Management LP grew its stake in shares of Praxis Precision Medicines by 200.0% in the 4th quarter. Logos Global Management LP now owns 375,000 shares of the company’s stock worth $110,528,000 after buying an additional 250,000 shares in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth $442,000. 67.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRAX. 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. Royal Bank Of Canada initiated coverage on shares of Praxis Precision Medicines in a report on Wednesday. They set an “outperform” rating and a $449.00 price objective for the company. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Robert W. Baird reduced their price objective on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research note on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $566.21.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $270.01 on Thursday. The firm has a market cap of $7.53 billion, a PE ratio of -20.20 and a beta of 2.71. The firm’s fifty day moving average is $316.54 and its 200 day moving average is $302.97. Praxis Precision Medicines, Inc. has a one year low of $37.19 and a one year high of $366.52.

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

Praxis Precision Medicines Company 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.