Candriam S.C.A. Has $20.50 Million Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Candriam S.C.A. reduced its stake in Praxis Precision Medicines by 42.5% in the first quarter, leaving it with 63,628 shares valued at about $20.5 million.
• Praxis Precision Medicines stock fell $8.13 to $324.99 in Friday trading, though the company still has a market cap of about $9.06 billion and remains highly volatile with a 2.74 beta.
• The company beat quarterly earnings expectations, reporting ($3.20) EPS versus the ($3.58) consensus, while analysts remain broadly positive with a Moderate Buy rating and a consensus price target of $569.63.

Candriam S.C.A. cut its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 42.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,628 shares of the company's stock after selling 46,962 shares during the quarter. Candriam S.C.A. owned about 0.23% of Praxis Precision Medicines worth $20,500,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. boosted its holdings in shares of Praxis Precision Medicines by 8.2% during the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company's stock worth $144,000 after buying an additional 37 shares during the period. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company's stock worth $70,000 after purchasing an additional 88 shares in the last quarter. CWM LLC lifted its stake in Praxis Precision Medicines by 15.5% during the fourth quarter. CWM LLC now owns 874 shares of the company's stock worth $258,000 after purchasing an additional 117 shares during the period. NBC Securities Inc. bought a new position in Praxis Precision Medicines during the fourth quarter worth about $38,000. Finally, Farther Finance Advisors LLC boosted its holdings in Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock valued at $108,000 after purchasing an additional 138 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock traded down $8.13 during midday trading on Friday, reaching $324.99. 398,571 shares of the company's stock were exchanged, compared to its average volume of 583,418. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of -24.31 and a beta of 2.74. The stock's 50-day simple moving average is $312.75 and its 200 day simple moving average is $311.60.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping analysts' consensus estimates of ($3.58) by $0.38. Research analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In related 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 completion of the sale, 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 document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company's stock.

Analysts Set New Price Targets

PRAX has been the subject of a number of research analyst reports. HC Wainwright cut their target price on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating for the company in a research note on Tuesday, June 2nd. Oppenheimer reiterated an "outperform" rating and set a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Royal Bank Of Canada initiated coverage on Praxis Precision Medicines in a research note on Wednesday, June 17th. They issued an "outperform" rating and a $449.00 target price on the stock. BTIG Research reissued a "buy" rating and set a $810.00 price target (down from $843.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC increased their target price on Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $569.63.

Praxis Precision Medicines Company 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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