Millennium Management LLC Raises Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Millennium Management LLC raised its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 3,519.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 150,892 shares of the company's stock after acquiring an additional 146,723 shares during the period. Millennium Management LLC owned approximately 0.81% of Praxis Precision Medicines worth $11,613,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $48,000. Graham Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter worth $209,000. KLP Kapitalforvaltning AS purchased a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $215,000. Envestnet Asset Management Inc. purchased a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $231,000. Finally, Freestone Grove Partners LP purchased a new position in shares of Praxis Precision Medicines in the 4th quarter valued at about $237,000. Institutional investors and hedge funds own 67.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Truist Financial cut their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Monday, May 5th. Chardan Capital assumed coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price target for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price target for the company. Finally, Wedbush raised their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and a consensus price target of $116.50.

Praxis Precision Medicines Trading Up 3.1%

Shares of NASDAQ PRAX traded up $1.14 during midday trading on Thursday, reaching $38.17. 26,782 shares of the stock were exchanged, compared to its average volume of 465,020. The company has a market capitalization of $777.48 million, a P/E ratio of -3.71 and a beta of 2.65. Praxis Precision Medicines, Inc. has a 52-week low of $26.70 and a 52-week high of $91.83. The stock has a 50 day moving average price of $35.56 and a 200-day moving average price of $57.85.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) EPS for the quarter, missing analysts' consensus estimates 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%. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current 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.