Praxis Precision Medicines, Inc. $PRAX is Vivo Capital LLC’s 2nd Largest Position

Vivo Capital LLC lifted its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 3.0% during the 1st quarter, Holdings Channel reports. The firm owned 338,895 shares of the company’s stock after acquiring an additional 10,000 shares during the period. Praxis Precision Medicines comprises about 9.1% of Vivo Capital LLC’s holdings, making the stock its 2nd biggest holding. Vivo Capital LLC’s holdings in Praxis Precision Medicines were worth $109,189,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC boosted its position in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after buying an additional 120 shares during the period. NBC Securities Inc. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter valued at about $38,000. Danske Bank A S purchased a new position in shares of Praxis Precision Medicines in the fourth quarter valued at about $59,000. Farther Finance Advisors LLC raised its stake in shares of Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after acquiring an additional 138 shares during the last quarter. Finally, ABS Direct Equity Fund LLC bought a new position in shares of Praxis Precision Medicines during the first quarter valued at about $135,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRAX. Truist Financial set a $616.00 target price on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Royal Bank Of Canada started coverage on Praxis Precision Medicines in a report on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price objective for the company. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, Robert W. Baird cut their price objective on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 2nd. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average target price of $563.50.

Praxis Precision Medicines Trading Up 5.7%

NASDAQ:PRAX opened at $307.75 on Friday. The company has a 50-day moving average price of $306.46 and a 200-day moving average price of $314.46. Praxis Precision Medicines, Inc. has a 12 month low of $37.19 and a 12 month high of $366.52. The stock has a market cap of $8.58 billion, a price-to-earnings ratio of -23.02 and a beta of 2.74.

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, beating the consensus estimate of ($3.58) by $0.38. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current fiscal year.

Insider Buying and Selling

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the sale, the director directly owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

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.