Perceptive Advisors LLC raised its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX – Free Report) by 27.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,995,986 shares of the company’s stock after purchasing an additional 431,432 shares during the quarter. Praxis Precision Medicines comprises 10.5% of Perceptive Advisors LLC’s portfolio, making the stock its largest holding. Perceptive Advisors LLC owned about 0.08% of Praxis Precision Medicines worth $588,297,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Man Group plc bought a new position in Praxis Precision Medicines during the 4th quarter valued at $6,240,000. Ishara Investments LP bought a new position in Praxis Precision Medicines during the 4th quarter valued at $11,790,000. Janus Henderson Group PLC boosted its stake in 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 valued at $954,834,000 after purchasing an additional 476,227 shares in the last quarter. Artia Global Partners LP bought a new position in Praxis Precision Medicines during the 4th quarter valued at $737,000. Finally, Baker BROS. Advisors LP boosted its stake in Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock valued at $332,021,000 after purchasing an additional 437,000 shares in the last quarter. 67.84% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
PRAX has been the subject of a number of research reports. Wells Fargo & Company set a $305.00 price target on Praxis Precision Medicines and gave the company an “equal weight” rating in a research note on Friday, February 20th. Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. BTIG Research reaffirmed a “buy” rating and set a $810.00 price target (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $566.21.
Praxis Precision Medicines Stock Up 5.0%
PRAX opened at $270.01 on Thursday. The firm has a market cap of $7.53 billion, a PE ratio of -20.20 and a beta of 2.71. The business has a fifty day simple moving average of $316.54 and a 200-day simple moving average of $302.97. Praxis Precision Medicines, Inc. has a fifty-two week low of $37.19 and a fifty-two week high of $366.52.
Praxis Precision Medicines (NASDAQ:PRAX – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, equities research analysts anticipate 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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