Phoenix Financial Ltd. Makes New Investment in Praxis Precision Medicines, Inc. $PRAX

Phoenix Financial Ltd. purchased a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,817 shares of the company’s stock, valued at approximately $362,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its holdings in Praxis Precision Medicines by 88.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares during the period. CWM LLC grew its position in shares of Praxis Precision Medicines by 877.9% in the second quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after purchasing an additional 676 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Praxis Precision Medicines by 24.3% during the 2nd 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 period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Praxis Precision Medicines in the 3rd quarter worth about $207,000. Finally, KLP Kapitalforvaltning AS grew its holdings in Praxis Precision Medicines by 42.9% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 4,000 shares of the company’s stock valued at $212,000 after buying an additional 1,200 shares in the last quarter. 67.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Lauren Mastrocola sold 13,600 shares of the stock in a transaction 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 transaction, the insider owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This trade represents a 56.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the sale, the general counsel directly owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This represents a 54.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is owned by company insiders.

Praxis Precision Medicines Stock Down 1.5%

PRAX opened at $309.92 on Thursday. The business’s fifty day simple moving average is $263.92 and its 200 day simple moving average is $147.68. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $326.91. The stock has a market cap of $7.81 billion, a PE ratio of -24.02 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. As a group, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PRAX shares. Jefferies Financial Group restated a “buy” rating and issued a $450.00 price objective (up from $300.00) on shares of Praxis Precision Medicines in a research report on Tuesday, December 9th. Truist Financial boosted their price target on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Chardan Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Citigroup reissued a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Finally, Oppenheimer restated an “outperform” rating and issued a $750.00 target price (up from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $486.67.

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.