Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Purchased by Acuta Capital Partners LLC

Acuta Capital Partners LLC increased its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,500 shares of the company’s stock after purchasing an additional 10,000 shares during the period. Praxis Precision Medicines makes up approximately 5.2% of Acuta Capital Partners LLC’s investment portfolio, making the stock its 7th largest holding. Acuta Capital Partners LLC’s holdings in Praxis Precision Medicines were worth $5,195,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRAX. CIBC Asset Management Inc raised its stake in Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock worth $28,226,000 after buying an additional 117,817 shares during the period. Barclays PLC raised its holdings in Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company’s stock worth $2,136,000 after buying an additional 20,759 shares during the period. Franklin Resources Inc. lifted its stake in Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $304,000. Finally, Vanguard Group Inc. lifted its position in Praxis Precision Medicines by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after acquiring an additional 24,645 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PRAX shares. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, April 8th. HC Wainwright reaffirmed a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday. Robert W. Baird cut their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Wedbush cut Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a report on Friday, February 28th. Finally, Truist Financial reduced their price target on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating and eight have given a buy 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 $123.33.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $38.06 on Friday. The company’s 50 day moving average price is $37.22 and its two-hundred day moving average price is $62.37. The firm has a market capitalization of $767.40 million, a P/E ratio of -3.70 and a beta of 2.66. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $7.48 million during the quarter, compared to the consensus estimate of $0.36 million. On average, analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.