Aberdeen Group plc Acquires 126,153 Shares of Praxis Precision Medicines, Inc. $PRAX

Key Points

• Aberdeen Group plc increased its stake in Praxis Precision Medicines by 143.5%, acquiring an additional 126,153 shares during the second quarter, now holding a total of 214,056 shares valued at approximately $9 million.
• Several hedge funds have also boosted their positions in Praxis, with notable increases from Adage Capital Partners (188.1%) and Driehaus Capital Management (192.0%) during the first quarter.
• Praxis Precision Medicines reported earnings of ($3.31) per share for the latest quarter, exceeding analysts' expectations, and has received a consensus rating of "Moderate Buy" with a target price of $85.56 from Wall Street analysts.

Aberdeen Group plc lifted its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 143.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 214,056 shares of the company's stock after purchasing an additional 126,153 shares during the quarter. Aberdeen Group plc owned 1.05% of Praxis Precision Medicines worth $9,001,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PRAX. Adage Capital Partners GP L.L.C. increased its holdings in shares of Praxis Precision Medicines by 188.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company's stock worth $65,998,000 after purchasing an additional 1,137,748 shares during the period. Driehaus Capital Management LLC increased its stake in Praxis Precision Medicines by 192.0% in the first quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock valued at $18,238,000 after acquiring an additional 316,686 shares during the last quarter. Woodline Partners LP increased its stake in Praxis Precision Medicines by 1,666.5% in the first quarter. Woodline Partners LP now owns 175,727 shares of the company's stock valued at $6,655,000 after acquiring an additional 165,779 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Praxis Precision Medicines by 19.1% in the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company's stock valued at $25,411,000 after acquiring an additional 96,898 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Praxis Precision Medicines by 367.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company's stock valued at $3,298,000 after acquiring an additional 68,466 shares during the last quarter. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $57.35 on Thursday. The firm's fifty day moving average price is $47.61 and its two-hundred day moving average price is $43.85. The stock has a market cap of $1.21 billion, a PE ratio of -4.67 and a beta of 2.62. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, topping analysts' consensus estimates of ($3.40) by $0.09. As a group, sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Lifesci Capital raised shares of Praxis Precision Medicines to a "strong-buy" rating in a research note on Wednesday, September 3rd. Chardan Capital reissued a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Wednesday, October 8th. Jones Trading assumed coverage on shares of Praxis Precision Medicines in a research note on Thursday, September 18th. They issued a "buy" rating and a $83.00 price objective on the stock. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $85.56.

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.

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