Bank of New York Mellon Corp Boosts Stock Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Bank of New York Mellon increased its Praxis Precision Medicines stake by 11.7% in the first quarter to 87,047 shares, worth approximately $28.0 million. Institutional investors collectively own 67.84% of PRAX.
• PRAX recently traded at $315.80, down 2.9%, with a market capitalization of about $8.8 billion. The company reported a quarterly loss of $3.20 per share, beating estimates by $0.38.
• Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $563.50, although ratings range from “Strong Buy” to “Sell.” Director Jill Desimone also sold 11,600 shares under a pre-arranged Rule 10b5-1 plan.

Bank of New York Mellon Corp raised its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 11.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,047 shares of the company's stock after buying an additional 9,150 shares during the period. Bank of New York Mellon Corp owned about 0.31% of Praxis Precision Medicines worth $28,046,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Praxis Precision Medicines by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock worth $444,000 after acquiring an additional 573 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Praxis Precision Medicines by 367.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company's stock valued at $3,298,000 after purchasing an additional 68,466 shares during the last quarter. Creative Planning acquired a new stake in Praxis Precision Medicines during the second quarter worth approximately $273,000. JPMorgan Chase & Co. raised its holdings in Praxis Precision Medicines by 21.4% during the second quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company's stock worth $586,000 after purchasing an additional 2,459 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Praxis Precision Medicines by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company's stock worth $701,000 after buying an additional 2,261 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Down 2.9%

NASDAQ:PRAX opened at $315.80 on Tuesday. The firm has a market cap of $8.80 billion, a P/E ratio of -23.62 and a beta of 2.74. The stock's 50 day simple moving average is $308.71 and its 200-day simple moving average is $314.33. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52.

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, topping the consensus estimate of ($3.58) by $0.38. Research analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current fiscal year.

Insider Transactions at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the firm's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the sale, the director owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRAX has been the topic of several research reports. Royal Bank Of Canada started coverage on Praxis Precision Medicines in a report on Wednesday, June 17th. They set an "outperform" rating and a $449.00 price objective on the stock. Wedbush reduced their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a report on Tuesday, June 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Piper Sandler restated an "overweight" rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Finally, Robert W. Baird cut their price target on Praxis Precision Medicines from $433.00 to $400.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of "Moderate Buy" and a consensus target price of $563.50.

About Praxis Precision Medicines

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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