Praxis Precision Medicines, Inc. $PRAX Stock Holdings Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its Praxis Precision Medicines stake by 2.3% in the first quarter, holding 534,604 shares worth approximately $172.2 million. Institutional investors collectively own 67.84% of the company.
• Praxis shares opened at $319.23, near the midpoint of their $37.19–$366.52 one-year range. The company reported a quarterly loss of $3.20 per share, beating expectations of a $3.58 loss.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $563.50 price target, although one director recently sold 11,600 shares under a pre-arranged trading plan.

Bank of America Corp DE increased its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 2.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 534,604 shares of the company's stock after acquiring an additional 11,841 shares during the quarter. Bank of America Corp DE owned 1.92% of Praxis Precision Medicines worth $172,244,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. NBC Securities Inc. acquired a new stake in Praxis Precision Medicines during the 4th quarter valued at $38,000. Parallel Advisors LLC boosted its position in shares of Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company's stock worth $40,000 after buying an additional 120 shares during the period. Danske Bank A S acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter worth $59,000. Tower Research Capital LLC TRC grew its holdings in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock valued at $77,000 after buying an additional 359 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Praxis Precision Medicines by 60.0% during the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock valued at $108,000 after buying an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $319.23 on Thursday. The business's 50-day moving average price is $303.42 and its two-hundred day moving average price is $315.10. Praxis Precision Medicines, Inc. has a one year low of $37.19 and a one year high of $366.52. The company has a market capitalization of $8.90 billion, a P/E ratio of -23.88 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.58) by $0.38. On average, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PRAX shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. BTIG Research reaffirmed a "buy" rating and set a $810.00 target price on shares of Praxis Precision Medicines in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. HC Wainwright reduced their price target on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating for the company in a research report on Tuesday, June 2nd. Finally, TD Cowen reissued a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $563.50.

Insider Buying and Selling

In other news, Director Jill Desimone sold 11,600 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the transaction, the director owned 2,337 shares in the company, valued at $727,554.84. This represents a 83.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

About Praxis Precision Medicines

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.

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