4,201 Shares in Praxis Precision Medicines, Inc. $PRAX Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments bought 4,201 Praxis Precision Medicines shares in the third quarter, valued at about $1.22 million.
• Other hedge funds also added or opened positions; institutional investors collectively own 67.84% of PRAX shares.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $630.42. Praxis reported a quarterly loss of $2.87 per share, narrower than analysts’ expected $3.67 loss.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,201 shares of the company's stock, valued at approximately $1,223,000.

Several other hedge funds have also made changes to their positions in PRAX. Integrated Wealth Concepts LLC acquired a new position in Praxis Precision Medicines in the 2nd quarter worth approximately $38,000. Parallel Advisors LLC raised its stake in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after purchasing an additional 120 shares during the period. IFP Advisors Inc raised its stake in Praxis Precision Medicines by 632.0% during the 3rd quarter. IFP Advisors Inc now owns 183 shares of the company's stock valued at $53,000 after purchasing an additional 158 shares during the period. GAMMA Investing LLC raised its stake in Praxis Precision Medicines by 10.3% during the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company's stock valued at $111,000 after purchasing an additional 31 shares during the period. Finally, ABS Direct Equity Fund LLC purchased a new stake in shares of Praxis Precision Medicines in the first quarter valued at $135,000. 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 $277.62 on Monday. The firm has a market cap of $7.75 billion, a PE ratio of -21.47 and a beta of 2.85. The firm's 50 day moving average price is $291.73 and its two-hundred day moving average price is $313.72. Praxis Precision Medicines, Inc. has a twelve month low of $159.74 and a twelve month high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.67) by $0.80. Equities analysts anticipate that Praxis Precision Medicines, Inc. will post -14.15 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on PRAX shares. Royal Bank Of Canada restated an "outperform" rating and issued a $462.00 target price (up from $449.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. BTIG Research lifted their price target on Praxis Precision Medicines from $810.00 to $826.00 and gave the company a "buy" rating in a report on Tuesday, October 6th. Piper Sandler reissued an "overweight" rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. HC Wainwright reissued a "buy" rating and issued a $1,201.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, October 15th. Finally, Wall Street Zen lowered Praxis Precision Medicines from a "hold" rating to a "sell" rating in a research report on Saturday, October 17th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $630.42.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.

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