Polar Asset Management Partners Inc. Makes New $7.59 Million Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Polar Asset Management Partners Inc. acquired a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 98,617 shares of the company's stock, valued at approximately $7,590,000. Polar Asset Management Partners Inc. owned 0.53% of Praxis Precision Medicines as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRAX. GF Fund Management CO. LTD. bought a new position in Praxis Precision Medicines in the fourth quarter valued at approximately $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Praxis Precision Medicines by 17.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,615 shares of the company's stock valued at $1,433,000 after buying an additional 2,747 shares in the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Praxis Precision Medicines by 54.4% during the fourth quarter. Voloridge Investment Management LLC now owns 116,062 shares of the company's stock worth $8,932,000 after purchasing an additional 40,875 shares during the last quarter. VR Adviser LLC raised its position in Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company's stock worth $76,189,000 after purchasing an additional 283,854 shares during the last quarter. Finally, Woodline Partners LP acquired a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $766,000. 67.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PRAX shares. HC Wainwright reissued a "buy" rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a report on Monday, May 5th. Truist Financial cut their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Robert W. Baird lowered their price objective on shares of Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $116.50.

Praxis Precision Medicines Price Performance

NASDAQ PRAX traded up $0.13 during trading hours on Friday, reaching $38.58. The company's stock had a trading volume of 342,490 shares, compared to its average volume of 386,336. The firm has a market capitalization of $785.84 million, a price-to-earnings ratio of -3.75 and a beta of 2.65. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83. The company's 50-day moving average is $35.63 and its two-hundred day moving average is $57.05.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Praxis Precision Medicines Profile

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.