Praxis Precision Medicines, Inc. $PRAX Shares Acquired by Walleye Capital LLC

Key Points

• Walleye Capital LLC increased its stake in Praxis Precision Medicines by 47.0%, holding 131,756 shares valued at approximately $4.99 million at the end of the first quarter.
• Analysts generally maintain a positive outlook on the stock, with seven analysts rating it as a Buy and a consensus target price of $85.88.
• Despite a challenging financial performance, with a reported EPS of -$3.31, Praxis is actively developing treatments for central nervous system disorders.

Walleye Capital LLC boosted its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 47.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,756 shares of the company's stock after buying an additional 42,143 shares during the quarter. Walleye Capital LLC owned approximately 0.65% of Praxis Precision Medicines worth $4,990,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Praxis Precision Medicines by 2.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,135 shares of the company's stock worth $856,000 after purchasing an additional 258 shares during the last quarter. California State Teachers Retirement System grew its holdings in Praxis Precision Medicines by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock worth $979,000 after purchasing an additional 275 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in Praxis Precision Medicines in the fourth quarter worth $30,000. MetLife Investment Management LLC grew its holdings in 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 purchasing an additional 544 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Praxis Precision Medicines by 3.8% in the first quarter. Swiss National Bank now owns 27,100 shares of the company's stock worth $1,026,000 after purchasing an additional 1,000 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRAX has been the topic of several analyst reports. Oppenheimer lifted their price target on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Wedbush lifted their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. HC Wainwright reissued a "buy" rating and set a $115.00 price objective (up from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Finally, Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and an average price target of $85.88.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX traded down $0.45 on Friday, reaching $45.54. 275,873 shares of the company's stock traded hands, compared to its average volume of 508,628. The firm has a market cap of $958.62 million, a price-to-earnings ratio of -3.71 and a beta of 2.62. The stock has a 50 day moving average price of $49.18 and a 200-day moving average price of $44.81. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

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.