Nuveen LLC Purchases New Holdings in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Nuveen LLC has acquired a new stake in Praxis Precision Medicines (NASDAQ: PRAX), buying 14,762 shares valued at approximately $559,000, which represents about 0.07% ownership of the company.
• Analysts have maintained a consensus rating of “Moderate Buy” for PRAX, with a price target averaging around $85.88 following recent upgrades from several brokerages.
• Praxis Precision Medicines reported earnings of ($3.31) per share, slightly exceeding analysts' expectations, with a projected EPS of (-10.22) for the current fiscal year.

Nuveen LLC bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 14,762 shares of the company's stock, valued at approximately $559,000. Nuveen LLC owned 0.07% of Praxis Precision Medicines as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Swiss National Bank grew its stake in Praxis Precision Medicines by 3.8% in the first quarter. Swiss National Bank now owns 27,100 shares of the company's stock worth $1,026,000 after purchasing an additional 1,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Praxis Precision Medicines by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock valued at $41,165,000 after acquiring an additional 23,381 shares in the last quarter. XTX Topco Ltd acquired a new position in Praxis Precision Medicines during the 1st quarter worth $380,000. Y Intercept Hong Kong Ltd acquired a new position in Praxis Precision Medicines in the first quarter worth about $237,000. Finally, Rhumbline Advisers grew its stake in Praxis Precision Medicines by 6.7% during the first quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock worth $920,000 after buying an additional 1,525 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX traded down $5.56 during trading hours on Monday, hitting $41.30. 1,051,560 shares of the company's stock were exchanged, compared to its average volume of 448,016. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $91.83. The business's 50 day moving average is $49.46 and its 200-day moving average is $42.90. The firm has a market capitalization of $869.26 million, a P/E ratio of -3.36 and a beta of 2.61.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PRAX shares. Chardan Capital reissued a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. Lifesci Capital upgraded shares of Praxis Precision Medicines to a "strong-buy" rating in a report on Wednesday, September 3rd. Jefferies Financial Group reissued a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday, September 2nd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $115.00 price objective (up previously from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $85.88.

About Praxis Precision Medicines

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.