Profund Advisors LLC Buys 2,818 Shares of Praxis Precision Medicines, Inc. $PRAX

Profund Advisors LLC grew its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 53.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,079 shares of the company’s stock after purchasing an additional 2,818 shares during the quarter. Profund Advisors LLC’s holdings in Praxis Precision Medicines were worth $428,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PRAX. Nisa Investment Advisors LLC raised its position in Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after buying an additional 295 shares during the last quarter. CWM LLC grew its stake in shares of Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after acquiring an additional 676 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares during the last quarter. AlphaQuest LLC raised its holdings in shares of Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after purchasing an additional 1,883 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Praxis Precision Medicines during the third quarter valued at about $203,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Guggenheim reaffirmed a “buy” rating and issued a $800.00 price objective (up from $760.00) on shares of Praxis Precision Medicines in a research report on Tuesday. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. UBS Group set a $750.00 price target on Praxis Precision Medicines in a research report on Monday, December 15th. Wedbush lifted their price target on Praxis Precision Medicines from $83.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, January 12th. Finally, Citigroup reissued a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Three 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $536.06.

Insider Activity

In related news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the completion of the transaction, the general counsel directly owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider owned 10,442 shares of the company’s stock, valued at $2,005,699.36. This represents a 56.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by corporate insiders.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $332.92 on Friday. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $335.75. The stock’s fifty day moving average price is $292.93 and its two-hundred day moving average price is $166.93. The firm has a market cap of $8.39 billion, a PE ratio of -25.81 and a beta of 2.84.

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.