Aberdeen Group plc Boosts Stock Holdings in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Aberdeen Group plc significantly increased its stake in Praxis Precision Medicines, Inc. by 1,658.4%, acquiring 87,903 shares worth approximately $3.3 million.
• Equities analysts have varying forecasts for the company, with Oppenheimer raising its price target from $97 to $115, while Wedbush set an "underperform" rating with a target of $28.
• Prax's stock performance shows a one-year high of $91.83 and a low of $26.70, with a market capitalization of approximately $952.51 million.

Aberdeen Group plc increased its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 1,658.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 87,903 shares of the company's stock after acquiring an additional 82,904 shares during the quarter. Aberdeen Group plc owned about 0.43% of Praxis Precision Medicines worth $3,329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PRAX. Janus Henderson Group PLC grew its position in Praxis Precision Medicines by 77.5% in the 4th 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 during the last quarter. VR Adviser LLC grew its position in Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company's stock worth $76,189,000 after purchasing an additional 283,854 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $17,454,000. Millennium Management LLC boosted its position in shares of Praxis Precision Medicines by 3,519.4% during the 4th quarter. Millennium Management LLC now owns 150,892 shares of the company's stock valued at $11,613,000 after acquiring an additional 146,723 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at about $7,590,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Up 5.2%

Praxis Precision Medicines stock traded up $2.40 during mid-day trading on Friday, hitting $48.78. 317,150 shares of the stock were exchanged, compared to its average volume of 567,697. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $91.83. The firm's fifty day simple moving average is $48.82 and its two-hundred day simple moving average is $45.88. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -3.97 and a beta of 2.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($3.31) EPS for the quarter, beating analysts' consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. As a group, analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on PRAX. HC Wainwright reissued a "buy" rating and set a $115.00 price target (up from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Chardan Capital reaffirmed a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. Oppenheimer upped their price target on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Wedbush raised 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 note on Monday, May 5th. Finally, Needham & Company LLC restated a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of "Moderate Buy" and a consensus target price of $85.88.

Praxis Precision Medicines 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.