Ishara Investments LP Takes Position in Praxis Precision Medicines, Inc. $PRAX

Ishara Investments LP acquired a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 40,000 shares of the company’s stock, valued at approximately $11,790,000. Praxis Precision Medicines comprises 13.6% of Ishara Investments LP’s investment portfolio, making the stock its largest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Janus Henderson Group PLC lifted its holdings in shares of Praxis Precision Medicines by 17.2% during the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after purchasing an additional 476,227 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 valued at $83,031,000 after purchasing an additional 231,827 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after purchasing an additional 193,647 shares during the last quarter. Orbis Allan Gray Ltd purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $369,946,000. Finally, Baker BROS. Advisors LP lifted its holdings in shares of Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after purchasing an additional 437,000 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRAX. Oppenheimer reiterated an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Robert W. Baird reduced their target price on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research note on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $566.21.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $270.01 on Thursday. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of -20.20 and a beta of 2.71. The business has a fifty day moving average of $316.54 and a 200 day moving average of $302.97. Praxis Precision Medicines, Inc. has a 1 year low of $37.19 and a 1 year high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. As a group, equities research analysts expect that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current year.

Praxis Precision Medicines Company 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.