Bank of New York Mellon Corp Makes New $28.58 Million Investment in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Bank of New York Mellon purchased 85,376 shares of Praxis Precision Medicines in the second quarter, valued at approximately $28.6 million, giving it a 0.31% stake. Institutional investors collectively own 67.84% of the company.
• Director Jill Desimone sold 11,600 shares for approximately $3.6 million under a pre-arranged Rule 10b5-1 trading plan, reducing her position by 83.23%; insiders own 3.00% of the stock.
• Analysts maintain a consensus “Buy” rating with a $585.95 price target, despite PRAX shares trading down 6.3% and opening at $344.75. Praxis reported a quarterly loss of $2.87 per share, beating estimates by $0.80.

Bank of New York Mellon Corp purchased a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 85,376 shares of the company's stock, valued at approximately $28,583,000. Bank of New York Mellon Corp owned about 0.31% of Praxis Precision Medicines as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Parallel Advisors LLC boosted its stake in shares of Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after purchasing an additional 120 shares in the last quarter. Danske Bank A S acquired a new position in Praxis Precision Medicines during the 4th quarter worth approximately $59,000. Tower Research Capital LLC TRC increased its position in Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock worth $77,000 after purchasing an additional 359 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Praxis Precision Medicines by 60.0% in the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock valued at $108,000 after purchasing an additional 138 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Praxis Precision Medicines by 10.3% in the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company's stock valued at $111,000 after purchasing an additional 31 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

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 owned 2,337 shares in the company, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company's stock.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Praxis Precision Medicines in a research note on Monday, August 24th. TD Cowen reiterated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. BTIG Research reissued a "buy" rating and set a $810.00 price objective on shares of Praxis Precision Medicines in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $945.00 target price on shares of Praxis Precision Medicines in a report on Monday, August 17th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy 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 "Buy" and a consensus target price of $585.95.

Praxis Precision Medicines Trading Down 6.3%

Shares of PRAX opened at $344.75 on Friday. The stock's 50-day moving average price is $335.03 and its two-hundred day moving average price is $322.03. Praxis Precision Medicines, Inc. has a 12 month low of $37.19 and a 12 month high of $392.70. The company has a market capitalization of $9.63 billion, a PE ratio of -26.66 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, beating the consensus estimate of ($3.67) by $0.80. Equities research analysts predict that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current fiscal year.

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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