Pictet Asset Management Holding SA Boosts Stock Position in Praxis Precision Medicines, Inc. $PRAX

Pictet Asset Management Holding SA increased its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 19.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 286,644 shares of the company’s stock after acquiring an additional 46,056 shares during the period. Pictet Asset Management Holding SA owned about 1.03% of Praxis Precision Medicines worth $91,428,000 at the end of the most recent quarter.

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

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the stock in a transaction on 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 transaction, the director owned 2,337 shares of the company’s stock, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. Wedbush dropped their price target on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a research note on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the company a “buy” rating in a report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $569.63.

Praxis Precision Medicines Stock Up 6.9%

Shares of Praxis Precision Medicines stock opened at $350.56 on Tuesday. Praxis Precision Medicines, Inc. has a 52-week low of $37.19 and a 52-week high of $366.52. The company has a market capitalization of $9.77 billion, a P/E ratio of -26.22 and a beta of 2.71. The company has a 50 day moving average of $314.63 and a 200 day moving average of $308.42.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. As a group, research analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current fiscal year.

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.