PSP Research LLC Makes New Investment in Praxis Precision Medicines, Inc. $PRAX

PSP Research LLC acquired a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,982 shares of the company’s stock, valued at approximately $584,000. Praxis Precision Medicines makes up about 0.5% of PSP Research LLC’s investment portfolio, making the stock its 2nd biggest position.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. boosted its stake in Praxis Precision Medicines by 2,875.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 714 shares of the company’s stock worth $210,000 after purchasing an additional 690 shares in the last quarter. Profund Advisors LLC boosted its stake in Praxis Precision Medicines by 4.7% in the fourth quarter. Profund Advisors LLC now owns 8,455 shares of the company’s stock worth $2,492,000 after purchasing an additional 376 shares in the last quarter. ProShare Advisors LLC boosted its stake in Praxis Precision Medicines by 36.3% in the fourth quarter. ProShare Advisors LLC now owns 5,214 shares of the company’s stock worth $1,537,000 after purchasing an additional 1,388 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new position in Praxis Precision Medicines in the fourth quarter worth $279,000. Finally, Ethic Inc. acquired a new position in Praxis Precision Medicines in the fourth quarter worth $646,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $320.61 on Wednesday. Praxis Precision Medicines, Inc. has a 1 year low of $35.21 and a 1 year high of $358.76. The business has a 50-day moving average of $318.99 and a two-hundred day moving average of $285.99. The company has a market capitalization of $8.94 billion, a P/E ratio of -23.98 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PRAX. Guggenheim reissued a “buy” rating and issued a $800.00 price objective (up from $760.00) on shares of Praxis Precision Medicines in a research note on Tuesday, February 10th. 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. Deutsche Bank Aktiengesellschaft set a $420.00 target price on Praxis Precision Medicines in a research report on Friday, May 8th. HC Wainwright restated a “buy” rating and set a $1,245.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, April 7th. Finally, TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, January 29th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $592.67.

Praxis Precision Medicines 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.