California State Teachers Retirement System Grows Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• California State Teachers Retirement System dramatically increased its Praxis Precision Medicines stake by 32,314.1% in the second quarter, acquiring 8.88 million shares and ending with a 31.9% ownership position valued at approximately $2.98 billion.
• PRAX opened at $338.57, with a market capitalization of $9.45 billion, while its latest quarterly loss of $2.87 per share was narrower than analysts’ expected $3.67 loss. Institutional investors collectively own 67.84% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $585.95; individual targets range from $362 to $650. Praxis is developing treatments for neurological disorders including epilepsy and movement disorders.

California State Teachers Retirement System boosted its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 32,314.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,906,418 shares of the company's stock after acquiring an additional 8,878,941 shares during the quarter. California State Teachers Retirement System owned 31.90% of Praxis Precision Medicines worth $2,981,780,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its holdings in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock worth $40,000 after acquiring an additional 120 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 in the last quarter. ABS Direct Equity Fund LLC acquired a new position in shares of Praxis Precision Medicines during the first quarter worth $135,000. Los Angeles Capital Management LLC acquired a new position in shares of Praxis Precision Medicines during the fourth quarter worth $163,000. Finally, Global Retirement Partners LLC purchased a new position in Praxis Precision Medicines in the fourth quarter valued at $177,000. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $338.57 on Friday. Praxis Precision Medicines, Inc. has a 1 year low of $37.24 and a 1 year high of $392.70. The company has a market capitalization of $9.45 billion, a PE ratio of -26.18 and a beta of 2.76. The company has a fifty day moving average of $340.22 and a two-hundred day moving average of $323.61.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, topping analysts' consensus estimates of ($3.67) by $0.80. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on PRAX shares. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Needham & Company LLC raised their target price on Praxis Precision Medicines from $575.00 to $582.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wells Fargo & Company restated a "positive" rating and set a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Oppenheimer restated an "outperform" rating and set a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $585.95.

Insider Transactions at Praxis Precision Medicines

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

Praxis Precision Medicines Profile

Praxis Precision Medicines, Inc NASDAQ: PRAX is a biotechnology company focused on developing treatments for central nervous system disorders, including epilepsy, movement disorders and other neurological conditions. The company uses its Precision Genetic Medicine platform, which combines human genetics, functional genomics and neuroscience research to identify disease mechanisms and potential therapeutic targets.

Praxis' pipeline has included investigational medicines such as ulixacaltamide, a treatment candidate being developed for essential tremor, and elsunersen, an antisense oligonucleotide designed for certain severe genetic epilepsies.

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