M&T Bank Corp Purchases Shares of 12,586 Praxis Precision Medicines, Inc. $PRAX

Key Points

• M&T Bank Corp bought a new Q4 position of 12,586 shares of Praxis (NASDAQ:PRAX) valued at about $3.71 million, and several other institutions (including Woodline, Adage, Deerfield, Aberdeen and Algert) significantly increased stakes, leaving institutional investors owning roughly 67.84% of the stock.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $590.78, well above the recent opening price near $344.82.
• Praxis missed quarterly expectations with EPS of ($3.50) versus an estimated ($3.00), and the stock has shown wide volatility over the past 12 months (low $34.85, high $356) with a market cap around $9.6 billion.

M&T Bank Corp purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 12,586 shares of the company's stock, valued at approximately $3,710,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Woodline Partners LP grew its stake in shares of Praxis Precision Medicines by 808.9% in the third quarter. Woodline Partners LP now owns 417,669 shares of the company's stock valued at $22,136,000 after buying an additional 371,717 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Praxis Precision Medicines by 13.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company's stock valued at $83,031,000 after acquiring an additional 231,827 shares in the last quarter. Deerfield Management Company L.P. grew its stake in Praxis Precision Medicines by 22.4% in the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company's stock worth $44,565,000 after purchasing an additional 153,920 shares in the last quarter. Aberdeen Group plc acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $39,788,000. Finally, Algert Global LLC increased its position in Praxis Precision Medicines by 483.3% in the third quarter. Algert Global LLC now owns 160,818 shares of the company's stock worth $8,523,000 after buying an additional 133,248 shares during the period. Institutional investors and hedge funds own 67.84% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PRAX. BTIG Research reaffirmed a "buy" rating and issued a $843.00 price target on shares of Praxis Precision Medicines in a report on Monday, April 6th. Wolfe Research began coverage on shares of Praxis Precision Medicines in a research note on Monday, February 23rd. They issued an "outperform" rating and a $500.00 price target on the stock. Truist Financial upgraded Praxis Precision Medicines to a "strong-buy" rating in a research note on Wednesday, March 25th. Needham & Company LLC reissued a "buy" rating and issued a $510.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, April 14th. Finally, HC Wainwright reiterated a "buy" rating and issued a $1,245.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, April 7th. Five equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $590.78.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX opened at $344.82 on Monday. Praxis Precision Medicines, Inc. has a 12 month low of $34.85 and a 12 month high of $356.00. The company has a market capitalization of $9.60 billion, a P/E ratio of -25.62 and a beta of 2.94. The stock has a 50 day moving average of $318.32 and a 200-day moving average of $265.75.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing the consensus estimate of ($3.00) by ($0.50). Analysts predict that Praxis Precision Medicines, Inc. will post -14.88 EPS for the current fiscal year.

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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