US Bancorp DE Boosts Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

US Bancorp DE raised its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 35.9% during the 3rd quarter, Holdings Channel reports. The firm owned 2,289 shares of the company’s stock after acquiring an additional 605 shares during the quarter. US Bancorp DE’s holdings in Praxis Precision Medicines were worth $132,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Amalgamated Bank purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at about $25,000. Quarry LP acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $83,000. SG Americas Securities LLC purchased a new stake in Praxis Precision Medicines in the 1st quarter valued at approximately $150,000. Kingdon Capital Management L.L.C. grew its holdings in Praxis Precision Medicines by 1.0% during the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after buying an additional 3,335 shares during the last quarter. Finally, Boulder Hill Capital Management LP purchased a new position in Praxis Precision Medicines during the first quarter worth $256,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $71.76 on Friday. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -6.97 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 1 year low of $13.98 and a 1 year high of $86.93. The firm has a 50 day moving average price of $67.00 and a 200 day moving average price of $55.01.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The company had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period in the prior year, the firm earned ($2.70) earnings per share. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the sale, the insider now owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRAX. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Wedbush lifted their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

About Praxis Precision Medicines

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.