Coastal Bridge Advisors LLC Invests $204,000 in Praxis Precision Medicines, Inc. $PRAX

Coastal Bridge Advisors LLC purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,846 shares of the company’s stock, valued at approximately $204,000.

Several other large investors have also recently added to or reduced their stakes in PRAX. Adage Capital Partners GP L.L.C. lifted its position in Praxis Precision Medicines by 13.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after purchasing an additional 231,827 shares during the period. Geode Capital Management LLC raised its stake in shares of Praxis Precision Medicines by 8.1% during the 2nd quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock worth $18,997,000 after buying an additional 33,715 shares in the last quarter. Aberdeen Group plc lifted its holdings in shares of Praxis Precision Medicines by 143.5% in the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after buying an additional 126,153 shares during the period. Vivo Capital LLC acquired a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $7,048,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Praxis Precision Medicines by 367.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock valued at $3,298,000 after buying an additional 68,466 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, 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 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 $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider owned 10,442 shares in the company, valued at $2,005,699.36. This represents a 56.57% 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 currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on PRAX. Piper Sandler reiterated an “overweight” rating and issued a $1,200.00 price objective (up previously from $450.00) on shares of Praxis Precision Medicines in a research report on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and set a $450.00 price target (up from $300.00) on shares of Praxis Precision Medicines in a research note on Tuesday, December 9th. Citigroup reiterated a “conviction-buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, December 30th. Needham & Company LLC reissued a “buy” rating and set a $460.00 price objective on shares of Praxis Precision Medicines in a report on Monday, January 5th. Finally, UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $547.00.

Praxis Precision Medicines Trading Down 0.1%

Shares of NASDAQ PRAX opened at $314.00 on Friday. The company’s 50-day moving average price is $269.81 and its 200 day moving average price is $150.64. 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 $7.91 billion, a price-to-earnings ratio of -24.34 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.45) by $0.09. As a group, research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current 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.