Polar Asset Management Partners Inc. Acquires Shares of 98,617 Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Polar Asset Management Partners Inc. acquired a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, HoldingsChannel reports. The fund acquired 98,617 shares of the company’s stock, valued at approximately $7,590,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ProShare Advisors LLC purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $442,000. Nomura Holdings Inc. purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $316,000. Nicholas Investment Partners LP purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $653,000. Nuveen Asset Management LLC lifted its stake in shares of Praxis Precision Medicines by 0.7% in the fourth quarter. Nuveen Asset Management LLC now owns 306,911 shares of the company’s stock worth $23,620,000 after buying an additional 2,084 shares in the last quarter. Finally, Maven Securities LTD purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $385,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PRAX. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Wedbush raised their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an “underperform” rating in a research note on Monday, May 5th. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, May 5th. HC Wainwright restated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Finally, Chardan Capital assumed coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a “buy” rating and a $80.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.50.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $37.20 on Friday. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83. The stock has a market cap of $757.73 million, a PE ratio of -3.61 and a beta of 2.65. The firm has a 50-day simple moving average of $35.61 and a two-hundred day simple moving average of $59.98.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.