California State Teachers Retirement System Raises Stake in Praxis Precision Medicines, Inc. $PRAX

California State Teachers Retirement System raised its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 32,314.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,906,418 shares of the company’s stock after purchasing an additional 8,878,941 shares during the quarter. California State Teachers Retirement System owned about 0.32% of Praxis Precision Medicines worth $2,981,780,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Janus Henderson Group PLC boosted its stake in shares of Praxis Precision Medicines by 6.8% during the first quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock worth $1,113,514,000 after buying an additional 218,777 shares during the period. Perceptive Advisors LLC increased its position in Praxis Precision Medicines by 2.0% in the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock valued at $655,974,000 after acquiring an additional 40,000 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after acquiring an additional 231,827 shares during the last quarter. Orbis Allan Gray Ltd purchased a new stake in Praxis Precision Medicines during the 4th quarter valued at approximately $369,946,000. Finally, Baker BROS. Advisors LP lifted its position 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 worth $332,021,000 after acquiring an additional 437,000 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of recent research reports. Raymond James Financial reissued a “strong-buy” rating and issued a $945.00 target price on shares of Praxis Precision Medicines in a report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Monday, August 24th. Wells Fargo & Company reiterated a “positive” rating and issued a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Wall Street Zen raised shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $585.95.

Insiders Place Their Bets

In related news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction 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 transaction, the director owned 2,337 shares of the company’s stock, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Praxis Precision Medicines Trading Down 1.9%

NASDAQ PRAX opened at $338.57 on Friday. The business’s 50 day moving average is $340.22 and its two-hundred day moving average is $323.61. Praxis Precision Medicines, Inc. has a 12-month low of $37.24 and a 12-month high of $392.70. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of -26.18 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.67) by $0.80. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current fiscal year.

Praxis Precision Medicines Profile

Praxis Precision Medicines, Inc (NASDAQ: PRAX) is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis’ pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.