Polar Asset Management Partners Inc. Makes New $7.59 Million Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Polar Asset Management Partners Inc. purchased a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 98,617 shares of the company's stock, valued at approximately $7,590,000. Polar Asset Management Partners Inc. owned approximately 0.53% of Praxis Precision Medicines as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. grew its stake in shares of Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock worth $43,027,000 after purchasing an additional 548,986 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock worth $71,621,000 after purchasing an additional 405,957 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth $17,454,000. Millennium Management LLC grew its stake in shares of Praxis Precision Medicines by 3,519.4% during the fourth quarter. Millennium Management LLC now owns 150,892 shares of the company's stock worth $11,613,000 after purchasing an additional 146,723 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth $9,151,000. Institutional investors and hedge funds own 67.84% of the company's stock.

Praxis Precision Medicines Trading Down 1.9%

Shares of PRAX stock traded down $0.76 during trading hours on Wednesday, hitting $38.94. The company's stock had a trading volume of 44,609 shares, compared to its average volume of 387,203. The business has a fifty day moving average of $35.62 and a 200-day moving average of $59.24. The stock has a market cap of $793.17 million, a price-to-earnings ratio of -3.77 and a beta of 2.65. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, equities analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRAX. Chardan Capital began coverage on shares of Praxis Precision Medicines in a research report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price target for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price target for the company. Wedbush boosted their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research report on Monday, May 5th. HC Wainwright reissued a "buy" rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Finally, Truist Financial reduced their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and a consensus price target of $116.50.

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.