Sei Investments Co. Purchases 13,729 Shares of Praxis Precision Medicines, Inc. $PRAX

Sei Investments Co. grew its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 86.9% in the first quarter, HoldingsChannel reports. The fund owned 29,525 shares of the company’s stock after acquiring an additional 13,729 shares during the period. Sei Investments Co.’s holdings in Praxis Precision Medicines were worth $9,513,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake 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 worth $954,834,000 after acquiring an additional 476,227 shares in the last quarter. Perceptive Advisors LLC lifted its position in shares of Praxis Precision Medicines by 27.6% in the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after purchasing an additional 431,432 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after purchasing an additional 231,827 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Praxis Precision Medicines by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after purchasing an additional 193,647 shares during the last quarter. Finally, Orbis Allan Gray Ltd acquired a new position in Praxis Precision Medicines during the fourth quarter worth $369,946,000. 67.84% of the stock is owned by institutional investors.

Insider Activity at Praxis Precision Medicines

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

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Royal Bank Of Canada started coverage on shares of Praxis Precision Medicines in a research note on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price target on the stock. BTIG Research restated a “buy” rating and issued a $810.00 price objective on shares of Praxis Precision Medicines in a report on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Oppenheimer reiterated an “outperform” rating and set a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, Piper Sandler reissued an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $563.50.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $307.83 on Friday. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52. The stock has a market capitalization of $8.58 billion, a P/E ratio of -23.02 and a beta of 2.74. The stock has a 50-day simple moving average of $305.75 and a 200 day simple moving average of $314.42.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. Research analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 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.