42,163 Shares in Praxis Precision Medicines, Inc. $PRAX Bought by California Public Employees Retirement System

California Public Employees Retirement System bought a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the first quarter, Holdings Channel.com reports. The fund bought 42,163 shares of the company’s stock, valued at approximately $13,584,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRAX. Allspring Global Investments Holdings LLC increased its position in shares of Praxis Precision Medicines by 392.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,536 shares of the company’s stock worth $2,725,000 after purchasing an additional 6,804 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Praxis Precision Medicines by 11.7% in the first quarter. Bank of New York Mellon Corp now owns 87,047 shares of the company’s stock valued at $28,046,000 after purchasing an additional 9,150 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Praxis Precision Medicines by 15.9% in the first quarter. Principal Financial Group Inc. now owns 1,153 shares of the company’s stock valued at $371,000 after purchasing an additional 158 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in Praxis Precision Medicines in the 1st quarter worth approximately $281,000. Finally, Fifth Third Bancorp bought a new position in Praxis Precision Medicines in the 1st quarter worth approximately $1,156,000. 67.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on PRAX shares. The Goldman Sachs Group began coverage on Praxis Precision Medicines in a research report on Monday, July 13th. They issued a “buy” rating and a $447.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Royal Bank Of Canada started coverage on Praxis Precision Medicines in a report on Wednesday, June 17th. They set an “outperform” rating and a $449.00 target price on the stock. Finally, Wedbush cut their price target on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research note on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Praxis Precision Medicines Stock Up 0.9%

Shares of PRAX stock opened at $325.30 on Friday. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52. The company has a market capitalization of $9.07 billion, a PE ratio of -24.33 and a beta of 2.74. The firm has a 50 day moving average price of $308.80 and a two-hundred day moving average price of $313.77.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating the consensus estimate of ($3.58) by $0.38. As a group, research analysts expect that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the sale, the director owned 2,337 shares of the company’s stock, valued at $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

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.