Orbimed Advisors LLC Buys 78,000 Shares of Praxis Precision Medicines, Inc. $PRAX

Orbimed Advisors LLC increased its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 82.5% in the 1st quarter, Holdings Channel reports. The fund owned 172,500 shares of the company’s stock after buying an additional 78,000 shares during the quarter. Praxis Precision Medicines comprises about 1.0% of Orbimed Advisors LLC’s holdings, making the stock its 27th largest position. Orbimed Advisors LLC’s holdings in Praxis Precision Medicines were worth $55,578,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at about $38,000. Parallel Advisors LLC lifted its stake in Praxis Precision Medicines by 3,000.0% during the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after purchasing an additional 120 shares during the last quarter. Danske Bank A S purchased a new position in shares of Praxis Precision Medicines in the 4th quarter worth about $59,000. GAMMA Investing LLC boosted its holdings in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after purchasing an additional 88 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $325.30 on Monday. The firm has a 50 day moving average price of $308.80 and a 200-day moving average price of $314.03. Praxis Precision Medicines, Inc. has a 52-week low of $37.19 and a 52-week high of $366.52. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of -24.33 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results 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. As a group, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of research reports. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. BTIG Research reaffirmed a “buy” rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group began coverage on shares of Praxis Precision Medicines in a research note on Monday, July 13th. They issued a “buy” rating and a $447.00 price objective for the company. Four equities research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $563.50.

Insider Buying and Selling

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value 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 ownership of the stock. 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. Company insiders own 3.00% of the company’s stock.

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.