Vanguard Group Inc. Raises Stock Position in Praxis Precision Medicines, Inc. $PRAX

Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 15.3% during the 4th quarter, Holdings Channel reports. The firm owned 1,460,933 shares of the company’s stock after buying an additional 193,647 shares during the period. Vanguard Group Inc. owned approximately 0.06% of Praxis Precision Medicines worth $430,595,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Adage Capital Partners GP L.L.C. increased its stake in Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after buying an additional 231,827 shares during the period. Deerfield Management Company L.P. grew its stake in shares of Praxis Precision Medicines by 22.4% in the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after acquiring an additional 153,920 shares in the last quarter. Bank of America Corp DE increased its position in shares of Praxis Precision Medicines by 12.7% during the third quarter. Bank of America Corp DE now owns 482,861 shares of the company’s stock worth $25,592,000 after acquiring an additional 54,458 shares during the period. Woodline Partners LP increased its position in shares of Praxis Precision Medicines by 808.9% during the third quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock worth $22,136,000 after acquiring an additional 371,717 shares during the period. Finally, Vivo Capital LLC raised its stake in shares of Praxis Precision Medicines by 18.7% in the third quarter. Vivo Capital LLC now owns 198,895 shares of the company’s stock valued at $10,541,000 after acquiring an additional 31,295 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PRAX shares. Robert W. Baird set a $433.00 target price on Praxis Precision Medicines and gave the company an “outperform” rating in a report on Friday, February 20th. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, January 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $437.00 price objective on shares of Praxis Precision Medicines in a research note on Wednesday, April 15th. Raymond James Financial began coverage on Praxis Precision Medicines in a research report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price objective for the company. Finally, Wolfe Research assumed coverage on shares of Praxis Precision Medicines in a research note on Monday, February 23rd. They set an “outperform” rating and a $500.00 target price on the stock. Five equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $590.78.

Praxis Precision Medicines Trading Down 1.3%

Shares of PRAX stock opened at $333.30 on Wednesday. The company has a market cap of $9.29 billion, a P/E ratio of -24.76 and a beta of 2.76. The firm has a fifty day moving average price of $318.06 and a 200 day moving average price of $275.31. Praxis Precision Medicines, Inc. has a 12 month low of $34.89 and a 12 month high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). On average, equities analysts forecast that Praxis Precision Medicines, Inc. will post -14.88 EPS for the current year.

Praxis Precision Medicines 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.