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

Key Points

• California State Teachers Retirement System increased its Praxis Precision Medicines stake by 39.7% in the first quarter, bringing its holdings to 27,477 shares valued at approximately $8.85 million. Institutional investors collectively own 67.84% of PRAX.
• Director Jill Desimone sold 11,600 shares for roughly $3.61 million under a pre-arranged Rule 10b5-1 plan, reducing her direct ownership by 83.23%.
• PRAX opened at $310.07, while analysts maintain a consensus “Moderate Buy” rating with a $563.50 price target; the company most recently reported a quarterly loss of $3.20 per share, beating estimates.

California State Teachers Retirement System grew its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 39.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,477 shares of the company's stock after purchasing an additional 7,806 shares during the period. California State Teachers Retirement System owned approximately 0.10% of Praxis Precision Medicines worth $8,853,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PRAX. Parallel Advisors LLC raised its holdings 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 buying an additional 120 shares during the period. NBC Securities Inc. purchased a new position in Praxis Precision Medicines during the 4th quarter valued at about $38,000. Danske Bank A S acquired a new position in Praxis Precision Medicines in the 4th quarter valued at about $59,000. Farther Finance Advisors LLC increased its stake in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock worth $108,000 after purchasing an additional 138 shares during the period. Finally, ABS Direct Equity Fund LLC acquired a new stake in shares of Praxis Precision Medicines during the first quarter worth about $135,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Jill Desimone sold 11,600 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value 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 $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by insiders.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $310.07 on Wednesday. The firm has a market capitalization of $8.64 billion, a PE ratio of -23.19 and a beta of 2.78. The business's fifty day moving average price is $304.18 and its 200 day moving average price is $314.95. 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 announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.58) by $0.38. As a group, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Piper Sandler restated an "overweight" rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Raymond James Financial started coverage on shares of Praxis Precision Medicines in a research note on Friday, April 10th. They issued a "strong-buy" rating and a $815.00 price target for the company. Deutsche Bank Aktiengesellschaft reaffirmed 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, Needham & Company LLC increased their price objective on Praxis Precision Medicines from $537.00 to $575.00 and gave the company a "buy" rating in a research note on Monday, June 29th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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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