Geode Capital Management LLC Acquires 105,347 Shares of Praxis Precision Medicines, Inc. $PRAX

Key Points

• Geode Capital Management increased its Praxis Precision Medicines stake by 23.1% in the fourth quarter, buying 105,347 additional shares and ending with 562,379 shares valued at about $165.8 million.
• Analyst sentiment remains generally constructive, with multiple firms maintaining or initiating Buy/Strong Buy views and a consensus price target of $572.72, even as some targets were trimmed.
• The biggest near-term concern is a setback in the epilepsy pipeline: Praxis paused one seizure program after its Phase 2/3 POWER1 study of vormatrigine missed the primary endpoint, which triggered negative investor reaction and an after-hours selloff.

Geode Capital Management LLC grew its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 23.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 562,379 shares of the company's stock after purchasing an additional 105,347 shares during the period. Geode Capital Management LLC owned approximately 2.23% of Praxis Precision Medicines worth $165,783,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. NBC Securities Inc. bought a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $38,000. Danske Bank A S bought a new stake in Praxis Precision Medicines in the fourth quarter worth about $59,000. GAMMA Investing LLC lifted its stake 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 during the last quarter. Tower Research Capital LLC TRC lifted its stake in Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock worth $77,000 after purchasing an additional 359 shares during the last quarter. Finally, AlphaQuest LLC lifted its stake in Praxis Precision Medicines by 1,623.3% in the third quarter. AlphaQuest LLC now owns 1,999 shares of the company's stock worth $106,000 after purchasing an additional 1,883 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Key Stories Impacting Praxis Precision Medicines

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

• Positive Sentiment: HC Wainwright reiterated a Buy rating on Praxis Precision Medicines and only slightly lowered its FY2030 EPS estimate and price target, signaling continued long-term optimism despite near-term volatility. HC Wainwright estimate cut and price target on PRAX
• Positive Sentiment: Several analysts still see substantial upside, with recent reports from Robert W. Baird and HC Wainwright maintaining constructive views on the stock. Analyst updates on PRAX
• Neutral Sentiment: Praxis announced small inducement stock grants to attract new employees, a routine corporate action with limited immediate impact on the share price. Inducement grants announcement
• Negative Sentiment: Praxis paused one of its seizure programs after its Phase 2/3 POWER1 study of vormatrigine missed the primary endpoint, raising concerns about the company’s epilepsy pipeline and execution risk. Vormatrigine trial setback
• Negative Sentiment: The trial failure triggered sharp negative press coverage and an after-hours selloff, suggesting investors are reassessing the value of the company’s seizure franchise. MarketWatch report on PRAX trial failure

Praxis Precision Medicines Stock Up 8.1%

Shares of PRAX stock opened at $278.93 on Thursday. The firm has a market cap of $7.78 billion, a price-to-earnings ratio of -20.86 and a beta of 2.71. The company's 50 day moving average is $326.12 and its 200 day moving average is $297.85. Praxis Precision Medicines, Inc. has a 52-week low of $37.19 and a 52-week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. Analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PRAX has been the subject of several analyst reports. Wedbush decreased their price objective on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a research note on Tuesday. Raymond James Financial started coverage on shares of Praxis Precision Medicines in a research note on Friday, April 10th. They set a "strong-buy" rating and a $815.00 price target for the company. 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. Needham & Company LLC reaffirmed a "buy" rating and set a $510.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, April 14th. Finally, Wells Fargo & Company set a $305.00 price target on shares of Praxis Precision Medicines and gave the company an "equal weight" rating in a research note on Friday, February 20th. Four analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $572.72.

Praxis Precision Medicines 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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