16,487 Shares in Praxis Precision Medicines, Inc. $PRAX Purchased by Atom Investors LP

Atom Investors LP purchased a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 16,487 shares of the company’s stock, valued at approximately $4,859,000.

A number of other hedge funds have also bought and sold shares of the company. Adage Capital Partners GP L.L.C. grew its stake in Praxis Precision Medicines by 13.3% in 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 in the last quarter. Vanguard Group Inc. grew its stake in Praxis Precision Medicines by 15.3% in 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 in the last quarter. Morgan Stanley grew its stake in Praxis Precision Medicines by 38.3% in the fourth quarter. Morgan Stanley now owns 889,889 shares of the company’s stock worth $262,286,000 after purchasing an additional 246,394 shares in the last quarter. Deerfield Management Company L.P. grew its stake in Praxis Precision Medicines by 22.4% in the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after purchasing an additional 153,920 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Praxis Precision Medicines by 20.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 716,184 shares of the company’s stock worth $211,088,000 after purchasing an additional 123,163 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PRAX shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. Truist Financial set a $616.00 target price on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. BTIG Research reissued a “buy” rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Finally, Wolfe Research started coverage on shares of Praxis Precision Medicines in a report on Monday, February 23rd. They issued an “outperform” rating and a $500.00 target price on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $572.72.

Praxis Precision Medicines Stock Down 2.8%

Shares of NASDAQ PRAX opened at $257.25 on Wednesday. The firm’s 50-day moving average price is $317.34 and its two-hundred day moving average price is $302.39. 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 $7.17 billion, a P/E ratio of -19.24 and a beta of 2.71.

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.