9,840 Shares in Praxis Precision Medicines, Inc. $PRAX Purchased by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB purchased 9,840 shares of Praxis Precision Medicines during the second quarter, valued at approximately $3.29 million. Institutional investors collectively own 67.84% of PRAX.
• Praxis reported a quarterly loss of $2.87 per share, beating analysts’ expected loss of $3.67. Shares opened at $366.81, near their 52-week high of $388.00.
• Analysts maintain a consensus “Buy” rating, with an average price target of $573.05, although some firms recently reduced their targets. Director Jill Desimone separately sold 11,600 shares under a pre-arranged Rule 10b5-1 plan.

Handelsbanken Fonder AB acquired a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,840 shares of the company's stock, valued at approximately $3,294,000.

Several other hedge funds have also recently added to or reduced their stakes in PRAX. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company's stock worth $111,000 after acquiring an additional 31 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after purchasing an additional 120 shares in the last quarter. Perceptive Advisors LLC grew its position in shares of Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company's stock valued at $655,974,000 after purchasing an additional 40,000 shares during the last quarter. CTC Alternative Strategies Ltd. acquired a new stake in shares of Praxis Precision Medicines in the first quarter valued at approximately $298,000. Finally, Vivo Capital LLC grew its position in shares of Praxis Precision Medicines by 3.0% in the first quarter. Vivo Capital LLC now owns 338,895 shares of the company's stock valued at $109,189,000 after purchasing an additional 10,000 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $366.81 on Friday. The firm has a market cap of $10.24 billion, a P/E ratio of -28.37 and a beta of 2.78. Praxis Precision Medicines, Inc. has a 1-year low of $37.19 and a 1-year high of $388.00. The firm's 50-day simple moving average is $313.35 and its 200-day simple moving average is $317.81.

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 the consensus estimate of ($3.67) by $0.80. Analysts expect that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PRAX has been the subject of a number of recent research reports. Royal Bank Of Canada restated an "outperform" rating and set a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Wall Street Zen raised Praxis Precision Medicines from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. HC Wainwright lowered their target price on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating on the stock in a report on Tuesday, June 2nd. TD Cowen reiterated a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Oppenheimer reiterated an "outperform" rating and set a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of "Buy" and an average target price of $573.05.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines 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 owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 currently owned by company insiders.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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