TD Asset Management Inc Raises Holdings in Praxis Precision Medicines, Inc. $PRAX

TD Asset Management Inc lifted its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 12.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 46,146 shares of the company’s stock after purchasing an additional 5,262 shares during the period. TD Asset Management Inc’s holdings in Praxis Precision Medicines were worth $13,601,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $38,000. Danske Bank A S purchased a new position in shares of Praxis Precision Medicines during the fourth quarter valued at approximately $59,000. GAMMA Investing LLC raised its holdings in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares during the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock valued at $106,000 after purchasing an additional 1,883 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Down 0.3%

Shares of NASDAQ PRAX opened at $253.25 on Tuesday. The firm has a 50 day moving average of $323.37 and a 200 day moving average of $299.29. The firm has a market capitalization of $7.06 billion, a price-to-earnings ratio of -18.94 and a beta of 2.71. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wells Fargo & Company set a $305.00 price objective on shares of Praxis Precision Medicines and gave the company an “equal weight” rating in a report on Friday, February 20th. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $510.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. HC Wainwright decreased their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a report on Tuesday, June 2nd. Finally, Robert W. Baird decreased their price objective on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and an average target price of $572.72.

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.