Tri Locum Partners LP Acquires 46,390 Shares of Praxis Precision Medicines, Inc. $PRAX

Tri Locum Partners LP lifted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 124.5% during the first quarter, HoldingsChannel reports. The firm owned 83,659 shares of the company’s stock after purchasing an additional 46,390 shares during the period. Praxis Precision Medicines comprises 1.6% of Tri Locum Partners LP’s investment portfolio, making the stock its 20th biggest position. Tri Locum Partners LP’s holdings in Praxis Precision Medicines were worth $3,168,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PRAX. JPMorgan Chase & Co. increased its stake in shares of Praxis Precision Medicines by 24.0% in the fourth quarter. JPMorgan Chase & Co. now owns 9,693 shares of the company’s stock worth $746,000 after purchasing an additional 1,879 shares during the period. Wells Fargo & Company MN increased its stake in Praxis Precision Medicines by 46.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,612 shares of the company’s stock valued at $663,000 after acquiring an additional 2,746 shares during the period. Envestnet Asset Management Inc. bought a new position in Praxis Precision Medicines during the fourth quarter valued at about $231,000. MetLife Investment Management LLC increased its stake in Praxis Precision Medicines by 5.4% during the fourth quarter. MetLife Investment Management LLC now owns 10,675 shares of the company’s stock valued at $822,000 after acquiring an additional 544 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in Praxis Precision Medicines by 565.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,873 shares of the company’s stock valued at $452,000 after acquiring an additional 4,990 shares during the period. 67.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PRAX has been the topic of several research reports. Oppenheimer boosted their price target on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. HC Wainwright restated a “buy” rating and set a $115.00 price target (up from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Chardan Capital restated a “buy” rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Finally, Wedbush boosted their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an “underperform” rating in a research note on Monday, May 5th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $85.88.

Praxis Precision Medicines Trading Down 2.0%

NASDAQ PRAX opened at $46.92 on Thursday. The stock’s 50 day moving average is $49.05 and its two-hundred day moving average is $45.34. The company has a market capitalization of $987.67 million, a price-to-earnings ratio of -3.82 and a beta of 2.62. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 60.07% and a negative net margin of 2,137.48%. On average, analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current 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.