Baker BROS. Advisors LP boosted its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX – Free Report) by 63.4% in the fourth quarter, Holdings Channel reports. The firm owned 1,126,488 shares of the company’s stock after acquiring an additional 437,000 shares during the period. Praxis Precision Medicines comprises about 1.9% of Baker BROS. Advisors LP’s holdings, making the stock its 12th biggest position. Baker BROS. Advisors LP’s holdings in Praxis Precision Medicines were worth $332,021,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. boosted its position in Praxis Precision Medicines by 8.2% during the fourth quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock worth $144,000 after purchasing an additional 37 shares during the period. GAMMA Investing LLC boosted its position in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares during the period. CWM LLC boosted its position in Praxis Precision Medicines by 15.5% during the fourth quarter. CWM LLC now owns 874 shares of the company’s stock worth $258,000 after purchasing an additional 117 shares during the period. NBC Securities Inc. bought a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $38,000. Finally, Farther Finance Advisors LLC boosted its position in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares during the period. Institutional investors own 67.84% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have issued reports on PRAX. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Robert W. Baird decreased their target price on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research report on Tuesday, June 2nd. Wells Fargo & Company set a $305.00 target price on Praxis Precision Medicines and gave the stock an “equal weight” rating in a research report on Friday, February 20th. Wedbush decreased their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a research report on Tuesday, June 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $566.21.
Praxis Precision Medicines Stock Up 5.0%
Shares of PRAX stock opened at $270.01 on Thursday. Praxis Precision Medicines, Inc. has a 12 month low of $37.19 and a 12 month high of $366.52. The firm has a market cap of $7.53 billion, a PE ratio of -20.20 and a beta of 2.71. The stock has a 50 day moving average of $316.54 and a 200-day moving average of $302.97.
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last issued 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. As a group, equities analysts predict that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal 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.
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