SummitTX Capital L.P. Has $11.87 Million Holdings in Praxis Precision Medicines, Inc. $PRAX

SummitTX Capital L.P. decreased its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 11.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 36,838 shares of the company’s stock after selling 4,791 shares during the quarter. SummitTX Capital L.P.’s holdings in Praxis Precision Medicines were worth $11,869,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after purchasing an additional 476,227 shares during the last quarter. Perceptive Advisors LLC grew its holdings in Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after buying an additional 431,432 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in Praxis Precision Medicines by 13.3% in 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 buying an additional 231,827 shares during the last quarter. Vanguard Group Inc. lifted its stake in 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 acquiring an additional 193,647 shares in the last quarter. Finally, Orbis Allan Gray Ltd purchased a new position in Praxis Precision Medicines during the 4th quarter worth $369,946,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the sale, the director directly owned 2,337 shares of the company’s stock, valued at $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on PRAX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Robert W. Baird decreased their price objective on shares of 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. Needham & Company LLC lifted their target price on shares of Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, HC Wainwright cut their price objective on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $563.50.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $325.30 on Monday. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $366.52. The firm has a 50 day moving average price of $308.80 and a 200-day moving average price of $314.03. The company has a market capitalization of $9.07 billion, a P/E ratio of -24.33 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. Equities analysts expect that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current fiscal 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.