Adage Capital Partners GP L.L.C. Grows Stock Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Praxis Precision Medicines by 188.1%, owning approximately 8.56% of the company's stock worth $65.99 million after additional purchases.
• Praxis Precision Medicines reported an earnings per share (EPS) of ($3.31), beating estimates, while analysts forecast an average target price of $85.88 with a consensus rating of "Moderate Buy."
• The stock has a market capitalization of approximately $946 million and has experienced a fifty-two week low of $26.70 and a high of $91.83.

Adage Capital Partners GP L.L.C. increased its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 188.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,742,758 shares of the company's stock after acquiring an additional 1,137,748 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 8.56% of Praxis Precision Medicines worth $65,998,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new position in Praxis Precision Medicines during the fourth quarter worth $30,000. GAMMA Investing LLC grew its holdings in Praxis Precision Medicines by 6,075.4% during the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after acquiring an additional 3,949 shares during the period. Graham Capital Management L.P. acquired a new position in Praxis Precision Medicines during the fourth quarter worth $209,000. Envestnet Asset Management Inc. acquired a new position in Praxis Precision Medicines during the fourth quarter worth $231,000. Finally, Freestone Grove Partners LP acquired a new stake in Praxis Precision Medicines in the fourth quarter valued at $237,000. Institutional investors and hedge funds own 67.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PRAX. HC Wainwright reissued a "buy" rating and issued a $115.00 target price (up previously from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Lifesci Capital raised Praxis Precision Medicines to a "strong-buy" rating in a report on Wednesday. Needham & Company LLC reissued a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Chardan Capital reissued a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Finally, Oppenheimer upped their target price on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.88.

Praxis Precision Medicines Trading Up 1.6%

Shares of NASDAQ:PRAX traded up $0.76 on Friday, hitting $46.85. The company had a trading volume of 355,258 shares, compared to its average volume of 376,708. Praxis Precision Medicines, Inc. has a 52-week low of $26.70 and a 52-week high of $91.83. The business has a 50 day moving average of $49.46 and a 200 day moving average of $43.15. The company has a market cap of $986.01 million, a PE ratio of -3.81 and a beta of 2.61.

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

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.