Dimensional Fund Advisors LP Has $10.04 Million Holdings in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Dimensional Fund Advisors increased its Praxis Precision Medicines stake by 32.4% in the first quarter, bringing its holdings to approximately $10.04 million. Institutional investors and hedge funds collectively own 67.84% of PRAX.
• Director Jill Desimone sold 11,600 shares for about $3.61 million under a pre-arranged Rule 10b5-1 plan, reducing her position by 83.23%; insiders own 3% of the company.
• PRAX reported a quarterly loss of $2.87 per share, beating the $3.67 consensus estimate. Analysts maintain a consensus “Buy” rating with an average price target of $573.05, while the stock recently traded near its 52-week high at $360.76.

Dimensional Fund Advisors LP raised its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 32.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,161 shares of the company's stock after acquiring an additional 7,618 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.11% of Praxis Precision Medicines worth $10,040,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PRAX. Parallel Advisors LLC increased its stake in 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. KBC Group NV grew its holdings in shares of Praxis Precision Medicines by 5.8% during the 1st quarter. KBC Group NV now owns 715 shares of the company's stock valued at $230,000 after acquiring an additional 39 shares in the last quarter. Swiss National Bank increased its stake in shares of Praxis Precision Medicines by 15.3% in the first quarter. Swiss National Bank now owns 46,700 shares of the company's stock worth $15,046,000 after acquiring an additional 6,200 shares during the last quarter. California Public Employees Retirement System acquired a new position in shares of Praxis Precision Medicines in the first quarter worth $13,584,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Praxis Precision Medicines by 392.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,536 shares of the company's stock worth $2,725,000 after acquiring an additional 6,804 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Insider Transactions at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the firm's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the transaction, the director directly 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 filing with the SEC, which is available 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.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $360.76 on Monday. The stock has a market capitalization of $10.07 billion, a P/E ratio of -27.90 and a beta of 2.78. The business has a 50-day moving average of $303.99 and a two-hundred day moving average of $315.78. Praxis Precision Medicines, Inc. has a fifty-two week low of $37.19 and a fifty-two week high of $382.54.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, topping the consensus estimate of ($3.67) by $0.80. As a group, research analysts expect that Praxis Precision Medicines, Inc. will post -14.37 EPS for the current fiscal year.

Analyst Ratings Changes

PRAX has been the subject of a number of research reports. The Goldman Sachs Group started coverage on Praxis Precision Medicines in a research report on Monday, July 13th. They set a "buy" rating and a $447.00 price objective for the company. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Oppenheimer reaffirmed an "outperform" rating and set a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a report on Friday. Finally, Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines has a consensus rating of "Buy" and an average target price of $573.05.

Praxis Precision Medicines News Roundup

Here are the key news stories impacting Praxis Precision Medicines this week:

• Positive Sentiment: Praxis said it expects two FDA decisions within roughly six months and is targeting approximately $10 billion in peak sales for ulixacaltamide. The company is also preparing a commercial organization of about 300 field employees, signaling confidence in the drug’s market potential. Praxis signals two FDA decisions and targets $10 billion in peak sales
• Positive Sentiment: Management’s planned commercial launch could exceed expectations if regulatory approvals are secured and adoption develops as projected, strengthening the long-term growth narrative for PRAX. Praxis commercial launch could smash expectations
• Positive Sentiment: Praxis reported a second-quarter loss of $2.87 per share, narrower than the $3.67 analyst consensus, providing a better-than-expected earnings result. Needham & Company also raised its price target from $575 to $582 and maintained a Buy rating. Needham raises Praxis price target Praxis corporate update and second-quarter results
• Neutral Sentiment: The company remains unprofitable and expects a full-year loss, while building a sizeable commercial infrastructure ahead of potential approvals. Those investments could increase expenses before product revenue begins.
• Negative Sentiment: With PRAX near its 52-week high, a market capitalization above $10 billion, and a high beta, the stock is vulnerable to valuation-driven profit-taking. Investors may also be locking in gains while awaiting the FDA decisions and clearer evidence of launch execution.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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