Aberdeen Group plc Takes $39.79 Million Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Aberdeen Group plc opened a new position in Praxis (NASDAQ:PRAX), acquiring 134,992 shares worth approximately $39.79 million, equal to about 0.54% of the company.
• Praxis reported a quarterly loss of $3.50 per share (missing estimates by $0.50) and analysts forecast roughly -$10.22 EPS for the year; the stock trades near $310 with a market cap of about $8.64 billion and a negative P/E.
• Analyst sentiment is mixed-to-positive with a MarketBeat consensus of Moderate Buy and a consensus price target of $576.12, while individual ratings include 4 Strong Buy, 12 Buy, 1 Hold and 2 Sell.

Aberdeen Group plc bought a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 134,992 shares of the company's stock, valued at approximately $39,788,000. Aberdeen Group plc owned about 0.54% of Praxis Precision Medicines as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PRAX. GAMMA Investing LLC boosted its holdings in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company's stock worth $70,000 after acquiring an additional 88 shares during the period. Tower Research Capital LLC TRC grew its holdings in Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock valued at $77,000 after buying an additional 359 shares in the last quarter. AlphaQuest LLC increased its position in Praxis Precision Medicines by 1,623.3% during the 3rd quarter. AlphaQuest LLC now owns 1,999 shares of the company's stock worth $106,000 after buying an additional 1,883 shares during the period. ProShare Advisors LLC bought a new position in Praxis Precision Medicines during the 3rd quarter worth $203,000. Finally, Coastal Bridge Advisors LLC acquired a new stake in shares of Praxis Precision Medicines during the third quarter worth $204,000. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $310.38 on Friday. The business has a fifty day moving average price of $313.85 and a two-hundred day moving average price of $235.03. The stock has a market capitalization of $8.64 billion, a PE ratio of -23.06 and a beta of 2.94. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $356.00.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing analysts' consensus estimates of ($3.00) by ($0.50). As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Wall Street Analyst Weigh In

PRAX has been the subject of a number of recent research reports. Wells Fargo & Company set a $305.00 target price on shares of Praxis Precision Medicines and gave the company an "equal weight" rating in a research report on Friday, February 20th. UBS Group set a $750.00 price objective on shares of Praxis Precision Medicines in a report on Monday, December 15th. Wedbush increased their target price on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the stock an "underperform" rating in a research report on Friday, February 20th. BTIG Research restated a "buy" rating on shares of Praxis Precision Medicines in a research note on Monday, March 9th. Finally, Wolfe Research assumed coverage on shares of Praxis Precision Medicines in a research note on Monday, February 23rd. They set an "outperform" rating and a $500.00 price objective on the stock. Four investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and a consensus price target of $576.12.

Praxis Precision Medicines Profile

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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