8,060 Shares in Praxis Precision Medicines, Inc. $PRAX Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Institutional investors increased exposure to Praxis Precision Medicines: Virginia Retirement Systems bought 8,060 shares worth approximately $2.7 million, while institutional investors collectively own 67.84% of PRAX.
• PRAX reported a quarterly loss but beat expectations: The company posted a loss of $2.87 per share versus the consensus estimate of $3.67, while a director sold 11,600 shares for about $3.6 million under a pre-arranged trading plan.
• Analyst sentiment remains broadly positive but divided: PRAX has a “Moderate Buy” consensus rating and a $585.95 average price target, despite targets ranging from $162 to $616 and the stock trading near $338.57.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,060 shares of the company's stock, valued at approximately $2,698,000.

A number of other hedge funds also recently bought and sold shares of the stock. California State Teachers Retirement System boosted its stake in shares of Praxis Precision Medicines by 32,314.1% in the 2nd quarter. California State Teachers Retirement System now owns 8,906,418 shares of the company's stock valued at $2,981,780,000 after buying an additional 8,878,941 shares during the period. Readystate Asset Management LP purchased a new stake in shares of Praxis Precision Medicines during the second quarter worth approximately $3,531,000. Seven Fleet Capital Management LP purchased a new stake in shares of Praxis Precision Medicines during the second quarter worth approximately $2,524,000. Nykredit A S purchased a new stake in shares of Praxis Precision Medicines during the second quarter worth approximately $261,000. Finally, Bank of New York Mellon Corp acquired a new stake in Praxis Precision Medicines in the second quarter valued at approximately $28,583,000. Institutional investors and hedge funds own 67.84% of the company's stock.

Insider Activity at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines 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 transaction, the director directly owned 2,337 shares of the company's stock, valued at $727,554.84. The trade was a 83.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by insiders.

Praxis Precision Medicines Stock Down 1.9%

NASDAQ:PRAX opened at $338.57 on Friday. The stock's 50 day moving average price is $340.22 and its 200 day moving average price is $323.61. The company has a market capitalization of $9.45 billion, a PE ratio of -26.18 and a beta of 2.76. Praxis Precision Medicines, Inc. has a 52-week low of $37.24 and a 52-week high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, beating analysts' consensus estimates of ($3.67) by $0.80. As a group, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current fiscal year.

Analysts Set New Price Targets

PRAX has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Wells Fargo & Company reaffirmed a "positive" rating and set a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. Wedbush dropped their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating on the stock in a report on Tuesday, June 2nd. Finally, Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $585.95.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc NASDAQ: PRAX is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis' pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.

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