The Manufacturers Life Insurance Company Sells 3,198 Shares of Praxis Precision Medicines, Inc. $PRAX

The Manufacturers Life Insurance Company cut its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 9.6% in the first quarter, Holdings Channel.com reports. The institutional investor owned 30,093 shares of the company’s stock after selling 3,198 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Praxis Precision Medicines were worth $9,696,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantinno Capital Management LP boosted its stake in shares of Praxis Precision Medicines by 21.9% in the 1st quarter. Quantinno Capital Management LP now owns 3,320 shares of the company’s stock worth $1,070,000 after buying an additional 597 shares during the last quarter. ABS Direct Equity Fund LLC purchased a new stake in Praxis Precision Medicines during the first quarter valued at $135,000. Orbimed Advisors LLC increased its position in Praxis Precision Medicines by 82.5% during the first quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock valued at $55,578,000 after acquiring an additional 78,000 shares during the last quarter. Sei Investments Co. lifted its holdings in Praxis Precision Medicines by 86.9% in the first quarter. Sei Investments Co. now owns 29,525 shares of the company’s stock valued at $9,513,000 after acquiring an additional 13,729 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Praxis Precision Medicines by 33.5% in the first quarter. PNC Financial Services Group Inc. now owns 953 shares of the company’s stock valued at $307,000 after acquiring an additional 239 shares during the period. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Stock Down 0.8%

PRAX stock opened at $305.51 on Tuesday. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $366.52. The stock has a market cap of $8.52 billion, a P/E ratio of -22.85 and a beta of 2.78. The business’s 50-day moving average price is $304.99 and its 200-day moving average price is $314.86.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. On average, equities research analysts expect that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 2,337 shares in the company, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRAX has been the subject of a number of recent research reports. Oppenheimer restated an “outperform” rating and set a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Wedbush dropped their price objective on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a report on Tuesday, June 2nd. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Truist Financial set a $616.00 price target on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, BTIG Research reiterated a “buy” rating and set a $810.00 price target on shares of Praxis Precision Medicines in a research note on Wednesday, July 29th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $563.50.

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.