Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Position Boosted by VR Adviser LLC

VR Adviser LLC lifted its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 40.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 989,985 shares of the company's stock after buying an additional 283,854 shares during the quarter. Praxis Precision Medicines makes up about 5.2% of VR Adviser LLC's investment portfolio, making the stock its 4th largest position. VR Adviser LLC owned about 5.31% of Praxis Precision Medicines worth $76,189,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Praxis Precision Medicines by 7.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company's stock valued at $93,008,000 after purchasing an additional 88,442 shares during the last quarter. Vanguard Group Inc. lifted its position in Praxis Precision Medicines by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock valued at $81,858,000 after purchasing an additional 24,645 shares during the last quarter. Janus Henderson Group PLC lifted its position in Praxis Precision Medicines by 77.5% during the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock valued at $71,621,000 after purchasing an additional 405,957 shares during the last quarter. Geode Capital Management LLC lifted its position in Praxis Precision Medicines by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 406,711 shares of the company's stock valued at $31,308,000 after purchasing an additional 7,873 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in Praxis Precision Medicines by 47.3% during the fourth quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock valued at $28,226,000 after purchasing an additional 117,817 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, May 5th. HC Wainwright reissued a "buy" rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. Wedbush increased their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research note on Monday, May 5th. Truist Financial reduced their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Finally, Chardan Capital began coverage on shares of Praxis Precision Medicines in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price on the stock. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of "Moderate Buy" and an average target price of $116.50.

Praxis Precision Medicines Price Performance

PRAX stock opened at $37.35 on Tuesday. The company has a market capitalization of $760.78 million, a PE ratio of -3.63 and a beta of 2.65. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $91.83. The firm's 50-day moving average is $35.58 and its 200 day moving average is $59.38.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted 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 return on equity of 54.86% and a negative net margin of 9,409.22%. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Praxis Precision Medicines Company 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.

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