Algert Global LLC Purchases New Stake in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Algert Global LLC invested approximately $814,000 in Praxis Precision Medicines, purchasing 21,490 shares during the first quarter, bringing its total ownership to 0.11% of the company.
• Analysts have generally given Praxis Precision Medicines a "Moderate Buy" rating, with price targets ranging from $28.00 to $115.00.
• The company reported an earnings per share (EPS) of ($3.31) for the last quarter, slightly beating expectations, while analysts predict a current year EPS of -$10.22.

Algert Global LLC bought a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 21,490 shares of the company's stock, valued at approximately $814,000. Algert Global LLC owned approximately 0.11% of Praxis Precision Medicines as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. California State Teachers Retirement System raised its position in shares of Praxis Precision Medicines by 2.2% during the 4th quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock worth $979,000 after acquiring an additional 275 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Praxis Precision Medicines by 6,075.4% during the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after acquiring an additional 3,949 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $248,000. Rhumbline Advisers raised its position in shares of Praxis Precision Medicines by 6.7% during the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock worth $920,000 after acquiring an additional 1,525 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of Praxis Precision Medicines by 48.6% during the 4th quarter. Deutsche Bank AG now owns 15,324 shares of the company's stock worth $1,179,000 after acquiring an additional 5,009 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Praxis Precision Medicines Trading Down 1.0%

Shares of Praxis Precision Medicines stock traded down $0.45 during trading hours on Friday, hitting $45.54. 275,873 shares of the company were exchanged, compared to its average volume of 508,628. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $91.83. The business has a 50-day moving average of $49.18 and a 200-day moving average of $44.81. The stock has a market capitalization of $958.62 million, a price-to-earnings ratio of -3.71 and a beta of 2.62.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported ($3.31) EPS 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, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. Chardan Capital restated a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Wedbush raised their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a research note on Monday, May 5th. HC Wainwright restated a "buy" rating and set a $115.00 price target (up previously from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Finally, Oppenheimer raised their price target on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $85.88.

About Praxis Precision Medicines

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.