Praxis Precision Medicines, Inc. $PRAX Shares Purchased by Cormorant Asset Management LP

Key Points

• Cormorant Asset Management LP increased its investment in Praxis Precision Medicines by 3.1%, holding shares worth approximately $66.08 million and making up about 5.0% of its portfolio.
• Praxis Precision Medicines has recently experienced significant stake increases from other institutional investors, including Ally Bridge Group and Adage Capital Partners, with ownership by institutional investors totaling 67.84%.
• The stock is currently rated as a "Moderate Buy" by analysts, with an average price target of $85.88, reflecting optimism following upgrades from firms such as Oppenheimer and Needham & Company.

Cormorant Asset Management LP grew its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,745,000 shares of the company's stock after purchasing an additional 51,781 shares during the period. Praxis Precision Medicines comprises 5.0% of Cormorant Asset Management LP's portfolio, making the stock its 5th largest holding. Cormorant Asset Management LP owned about 8.57% of Praxis Precision Medicines worth $66,083,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PRAX. California State Teachers Retirement System grew its position in Praxis Precision Medicines by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock valued at $979,000 after purchasing an additional 275 shares in the last quarter. GAMMA Investing LLC lifted its position in Praxis Precision Medicines by 6,075.4% in the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after buying an additional 3,949 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $248,000. Rhumbline Advisers increased its stake in shares of Praxis Precision Medicines by 6.7% in the first quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock worth $920,000 after acquiring an additional 1,525 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Praxis Precision Medicines by 48.6% during the fourth quarter. Deutsche Bank AG now owns 15,324 shares of the company's stock worth $1,179,000 after acquiring an additional 5,009 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Oppenheimer boosted their target price on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. HC Wainwright reissued a "buy" rating and issued a $115.00 price target (up previously from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Lifesci Capital raised shares of Praxis Precision Medicines to a "strong-buy" rating in a research report on Wednesday, September 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.88.

Praxis Precision Medicines Trading Down 13.0%

PRAX traded down $6.10 during trading on Monday, hitting $40.75. The stock had a trading volume of 1,508,307 shares, compared to its average volume of 450,810. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $91.83. The company has a 50 day simple moving average of $49.46 and a 200-day simple moving average of $42.90. The firm has a market cap of $857.79 million, a PE ratio of -3.32 and a beta of 2.61.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating the consensus estimate of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 60.07% and a negative net margin of 2,137.48%. As a group, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.