First Turn Management LLC Invests $10.54 Million in Praxis Precision Medicines, Inc. $PRAX

First Turn Management LLC acquired a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 35,749 shares of the company’s stock, valued at approximately $10,537,000. First Turn Management LLC owned approximately 0.14% of Praxis Precision Medicines as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Praxis Precision Medicines by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after acquiring an additional 51,642 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Praxis Precision Medicines by 51.5% in the 3rd quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock valued at $1,991,000 after purchasing an additional 12,768 shares during the last quarter. Algert Global LLC boosted its position in shares of Praxis Precision Medicines by 483.3% in the 3rd quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after purchasing an additional 133,248 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at about $977,000. Finally, HighVista Strategies LLC boosted its position in shares of Praxis Precision Medicines by 41.2% in the 3rd quarter. HighVista Strategies LLC now owns 95,002 shares of the company’s stock valued at $5,035,000 after purchasing an additional 27,714 shares during the period. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Up 7.5%

PRAX opened at $266.58 on Friday. The business has a 50 day moving average price of $319.32 and a two-hundred day moving average price of $300.57. The company has a market cap of $7.43 billion, a PE ratio of -19.94 and a beta of 2.71. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating the consensus estimate of ($3.58) by $0.38. As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRAX. Wells Fargo & Company set a $305.00 target price on Praxis Precision Medicines and gave the company an “equal weight” rating in a research report on Friday, February 20th. Robert W. Baird decreased their target price on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research report on Tuesday, June 2nd. Raymond James Financial began coverage on Praxis Precision Medicines in a research report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 target price for the company. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Finally, TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $572.72.

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.