1,982 Shares in Praxis Precision Medicines, Inc. $PRAX Purchased by PSP Research LLC

PSP Research LLC acquired a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,982 shares of the company’s stock, valued at approximately $584,000. Praxis Precision Medicines makes up approximately 0.5% of PSP Research LLC’s holdings, making the stock its 2nd biggest position.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Praxis Precision Medicines during the third quarter worth about $715,000. Arizona State Retirement System bought a new position in shares of Praxis Precision Medicines during the third quarter worth about $287,000. Coastal Bridge Advisors LLC bought a new position in shares of Praxis Precision Medicines during the third quarter worth about $204,000. Algert Global LLC grew its holdings in shares of Praxis Precision Medicines by 483.3% during the third quarter. Algert Global LLC now owns 160,818 shares of the company’s stock worth $8,523,000 after buying an additional 133,248 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Praxis Precision Medicines by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock valued at $67,166,000 after purchasing an additional 51,642 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft set a $420.00 price target on Praxis Precision Medicines in a research report on Friday, May 8th. Robert W. Baird set a $433.00 price target on Praxis Precision Medicines and gave the company an “outperform” rating in a research report on Friday, February 20th. Wolfe Research assumed coverage on Praxis Precision Medicines in a research report on Monday, February 23rd. They set an “outperform” rating and a $500.00 price target for the company. Guggenheim reissued a “buy” rating and set a $800.00 price target (up from $760.00) on shares of Praxis Precision Medicines in a research report on Tuesday, February 10th. Finally, Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the company an “equal weight” rating in a research report on Friday, February 20th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $592.67.

Praxis Precision Medicines Stock Up 0.0%

PRAX opened at $320.61 on Wednesday. Praxis Precision Medicines, Inc. has a 12-month low of $35.21 and a 12-month high of $358.76. The stock has a market cap of $8.94 billion, a price-to-earnings ratio of -23.98 and a beta of 2.76. The business has a 50 day moving average of $318.99 and a 200-day moving average of $285.99.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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. As a group, analysts expect that Praxis Precision Medicines, Inc. will post -14.79 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.