Driehaus Capital Management LLC Buys 316,686 Shares of Praxis Precision Medicines, Inc. $PRAX

Key Points

• Driehaus Capital Management LLC increased its stake in Praxis Precision Medicines by 192.0% in the first quarter, totaling approximately 2.36% of the company's shares valued at $18.2 million.
• Several analysts have set new price targets for PRAX, with Oppenheimer raising its target from $97 to $115, while a consensus price target sits at $85.88.
• Prax Precision Medicines reported an earnings per share of ($3.31), beating expectations, but has a negative net margin of 2,137.48% for the fiscal year.

Driehaus Capital Management LLC raised its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 192.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 481,598 shares of the company's stock after purchasing an additional 316,686 shares during the period. Driehaus Capital Management LLC owned 2.36% of Praxis Precision Medicines worth $18,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRAX. Wells Fargo & Company MN raised its holdings in shares of Praxis Precision Medicines by 46.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,612 shares of the company's stock worth $663,000 after buying an additional 2,746 shares during the period. Envestnet Asset Management Inc. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter worth approximately $231,000. MetLife Investment Management LLC raised its holdings in shares of Praxis Precision Medicines by 5.4% in the fourth quarter. MetLife Investment Management LLC now owns 10,675 shares of the company's stock worth $822,000 after buying an additional 544 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Praxis Precision Medicines by 9.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 38,483 shares of the company's stock worth $2,962,000 after buying an additional 3,344 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Praxis Precision Medicines by 10.1% in the fourth quarter. Northern Trust Corp now owns 167,590 shares of the company's stock worth $12,898,000 after buying an additional 15,323 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Up 3.4%

NASDAQ:PRAX traded up $1.54 during midday trading on Wednesday, hitting $46.48. The stock had a trading volume of 254,971 shares, compared to its average volume of 445,345. Praxis Precision Medicines, Inc. has a one year low of $26.70 and a one year high of $91.83. The company has a market capitalization of $978.34 million, a price-to-earnings ratio of -3.78 and a beta of 2.61. The stock has a 50-day moving average of $49.28 and a 200 day moving average of $43.92.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results 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 return on equity of 60.07% and a negative net margin of 2,137.48%. On average, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRAX. Oppenheimer increased their price target on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a report on Tuesday. HC Wainwright reissued 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. Finally, Chardan Capital reissued a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target 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.