Praxis Precision Medicines, Inc. $PRAX Position Increased by Vivo Capital LLC

Vivo Capital LLC grew its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 3.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 338,895 shares of the company's stock after acquiring an additional 10,000 shares during the quarter. Praxis Precision Medicines comprises 9.1% of Vivo Capital LLC's investment portfolio, making the stock its 2nd largest position. Vivo Capital LLC owned about 1.22% of Praxis Precision Medicines worth $109,189,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Bank of America Corp DE lifted its position in Praxis Precision Medicines by 2.3% during the first quarter. Bank of America Corp DE now owns 534,604 shares of the company's stock valued at $172,244,000 after purchasing an additional 11,841 shares during the last quarter. Stempoint Capital LP grew its stake in Praxis Precision Medicines by 167.1% in the 1st quarter. Stempoint Capital LP now owns 56,267 shares of the company's stock worth $18,129,000 after buying an additional 35,200 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Praxis Precision Medicines by 6.8% in the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company's stock worth $1,113,514,000 after buying an additional 218,777 shares during the last quarter. Ally Bridge Group NY LLC increased its holdings in shares of Praxis Precision Medicines by 65.0% in the 1st quarter. Ally Bridge Group NY LLC now owns 32,810 shares of the company's stock worth $10,571,000 after buying an additional 12,928 shares during the last quarter. Finally, Amundi raised its position in shares of Praxis Precision Medicines by 128.1% during the 1st quarter. Amundi now owns 1,802 shares of the company's stock valued at $581,000 after buying an additional 1,012 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PRAX has been the subject of several research reports. Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. HC Wainwright lowered their price target on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating on the stock in a research report on Tuesday, June 2nd. Royal Bank Of Canada began coverage on Praxis Precision Medicines in a research note on Wednesday, June 17th. They set an "outperform" rating and a $449.00 price target for the company. Oppenheimer reiterated an "outperform" rating and issued a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $563.50.

Insider Activity

In other news, Director Jill Desimone sold 11,600 shares of the firm's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the transaction, the director directly owned 2,337 shares of the company's stock, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company's stock.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $307.75 on Friday. Praxis Precision Medicines, Inc. has a 52-week low of $37.19 and a 52-week high of $366.52. The company has a fifty day moving average of $306.46 and a 200-day moving average of $314.46. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of -23.02 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping analysts' consensus estimates of ($3.58) by $0.38. On average, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 earnings per share 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.