Allspring Global Investments Holdings LLC Grows Stake in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Allspring Global Investments increased its stake in Praxis Precision Medicines by 392.8% in the first quarter, bringing its holdings to 8,536 shares valued at about $2.7 million.
• Wall Street remains constructive on the stock overall, with analysts assigning a Moderate Buy consensus and an average price target of $563.50, despite some mixed ratings.
• Praxis shares were trading around $325.30, near their 52-week high, and the company recently reported a narrower-than-expected quarterly loss of ($3.20) per share.

Allspring Global Investments Holdings LLC boosted its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 392.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,536 shares of the company's stock after acquiring an additional 6,804 shares during the period. Allspring Global Investments Holdings LLC's holdings in Praxis Precision Medicines were worth $2,725,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRAX. Bank of New York Mellon Corp grew its stake in shares of Praxis Precision Medicines by 11.7% in the 1st quarter. Bank of New York Mellon Corp now owns 87,047 shares of the company's stock worth $28,046,000 after buying an additional 9,150 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Praxis Precision Medicines by 15.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,153 shares of the company's stock valued at $371,000 after buying an additional 158 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of Praxis Precision Medicines in the 1st quarter valued at about $281,000. Fifth Third Bancorp bought a new position in shares of Praxis Precision Medicines in the 1st quarter valued at about $1,156,000. Finally, Hsbc Holdings PLC grew its position in Praxis Precision Medicines by 98.1% in the first quarter. Hsbc Holdings PLC now owns 1,634 shares of the company's stock worth $518,000 after acquiring an additional 809 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRAX shares. Oppenheimer reissued an "outperform" rating and set a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. The Goldman Sachs Group initiated coverage on shares of Praxis Precision Medicines in a research note on Monday, July 13th. They issued a "buy" rating and a $447.00 target price on the stock. Jefferies Financial Group restated a "buy" rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Finally, Needham & Company LLC upped their price target on shares of Praxis Precision Medicines from $537.00 to $575.00 and gave the company a "buy" rating in a report on Monday, June 29th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Praxis Precision Medicines has an average rating of "Moderate Buy" and a consensus price target of $563.50.

Praxis Precision Medicines Stock Up 0.9%

NASDAQ:PRAX opened at $325.30 on Friday. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52. The firm has a 50 day moving average of $308.80 and a 200 day moving average of $313.77. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of -24.33 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts' consensus estimates of ($3.58) by $0.38. As a group, analysts expect that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, the director directly owned 2,337 shares of the company's stock, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

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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