Readystate Asset Management LP Acquires New Shares in Praxis Precision Medicines, Inc. $PRAX

Readystate Asset Management LP bought a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the second quarter, Holdings Channel.com reports. The fund bought 10,548 shares of the company’s stock, valued at approximately $3,531,000.

Several other institutional investors have also recently made changes to their positions in PRAX. Swiss National Bank boosted its stake in Praxis Precision Medicines by 15.3% in the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock worth $15,046,000 after purchasing an additional 6,200 shares during the period. Orbimed Advisors LLC increased its position in shares of Praxis Precision Medicines by 82.5% during the first quarter. Orbimed Advisors LLC now owns 172,500 shares of the company’s stock valued at $55,578,000 after buying an additional 78,000 shares during the period. Fifth Third Bancorp bought a new stake in shares of Praxis Precision Medicines during the first quarter valued at about $1,156,000. Geode Capital Management LLC lifted its holdings in shares of Praxis Precision Medicines by 23.1% in the fourth quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock worth $165,783,000 after buying an additional 105,347 shares in the last quarter. Finally, Handelsbanken Fonder AB purchased a new stake in shares of Praxis Precision Medicines in the second quarter worth about $3,294,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the transaction, the director directly owned 2,337 shares in the company, valued at approximately $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Stock Performance

PRAX stock opened at $351.81 on Monday. The company’s 50 day moving average is $338.92 and its 200 day moving average is $323.15. The stock has a market cap of $9.82 billion, a price-to-earnings ratio of -27.21 and a beta of 2.76. Praxis Precision Medicines, Inc. has a 1-year low of $37.19 and a 1-year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.67) by $0.80. As a group, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PRAX. HC Wainwright reduced 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 research note on Tuesday, June 2nd. Wall Street Zen upgraded shares of Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Wells Fargo & Company reissued a “positive” rating and issued a $362.00 price target (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Needham & Company LLC boosted their price target on shares of Praxis Precision Medicines from $575.00 to $582.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Three research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $585.95.

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.