Knott David M Jr Invests $1.48 Million in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Investor purchase: Knott David M. Jr. bought 28,000 shares of Praxis (NASDAQ:PRAX) in Q3, a stake valued at roughly $1.48 million that represents about 0.6% of his portfolio and is his 27th-largest holding.
• Analyst sentiment: Analysts are broadly bullish—MarketBeat shows a "Moderate Buy" consensus with an average target of $576.12 and several firms raising targets (e.g., Oppenheimer to $750).
• Stock snapshot: PRAX trades near $310.71 with a market cap of $8.65B, institutional ownership around 67.8%, and recent negative earnings (Q EPS -$3.50 vs. -$3.00 estimate; expected -10.22 for the year).

Knott David M Jr bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 28,000 shares of the company's stock, valued at approximately $1,484,000. Praxis Precision Medicines comprises approximately 0.6% of Knott David M Jr's portfolio, making the stock its 27th largest holding. Knott David M Jr owned 0.11% of Praxis Precision Medicines at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PRAX. Congress Asset Management Co. bought a new stake in Praxis Precision Medicines during the 3rd quarter worth about $1,613,000. SG Americas Securities LLC bought a new position in shares of Praxis Precision Medicines in the third quarter worth about $715,000. Vivo Capital LLC acquired a new position in shares of Praxis Precision Medicines during the second quarter worth approximately $7,048,000. Kennedy Capital Management LLC grew its stake in shares of Praxis Precision Medicines by 7.9% during the second quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company's stock valued at $2,962,000 after purchasing an additional 5,180 shares during the last quarter. Finally, Arizona State Retirement System bought a new stake in shares of Praxis Precision Medicines during the third quarter valued at approximately $287,000. 67.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PRAX shares. Needham & Company LLC upped their price objective on Praxis Precision Medicines from $460.00 to $510.00 and gave the stock a "buy" rating in a report on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $412.00 target price on shares of Praxis Precision Medicines in a research note on Friday, February 20th. Oppenheimer reaffirmed an "outperform" rating and set a $750.00 price target (up from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Citigroup reiterated a "conviction-buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, December 30th. Finally, Robert W. Baird set a $433.00 price objective on Praxis Precision Medicines and gave the stock an "outperform" rating in a research report on Friday, February 20th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $576.12.

Praxis Precision Medicines Stock Up 0.0%

NASDAQ:PRAX opened at $310.71 on Friday. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $356.00. The stock's fifty day simple moving average is $311.95 and its 200-day simple moving average is $197.92. The firm has a market capitalization of $8.65 billion, a P/E ratio of -23.08 and a beta of 2.86.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

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.

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.