Readystate Asset Management LP Takes $3.53 Million Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Readystate Asset Management purchased 10,548 shares of Praxis Precision Medicines worth approximately $3.53 million, while other institutions also initiated or increased positions. Institutional investors now own 67.84% of the company.
• Praxis reported a quarterly loss of $2.87 per share, beating the consensus estimate of a $3.67 loss. The stock opened at $351.81, with a 12-month range of $37.19 to $392.70 and a market capitalization of about $9.82 billion.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $585.95. Target prices range from $362 to $945, although director Jill Desimone sold $3.61 million in shares under a pre-arranged Rule 10b5-1 plan.

Readystate Asset Management LP bought a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,548 shares of the company's stock, valued at approximately $3,531,000.

Other large investors also recently modified their holdings of the company. Seven Fleet Capital Management LP acquired a new stake in Praxis Precision Medicines in the 2nd quarter valued at $2,524,000. Nykredit A S acquired a new position in Praxis Precision Medicines during the second quarter worth $261,000. Bank of New York Mellon Corp bought a new position in shares of Praxis Precision Medicines in the second quarter valued at $28,583,000. Handelsbanken Fonder AB bought a new position in shares of Praxis Precision Medicines in the second quarter valued at $3,294,000. Finally, GAMMA Investing LLC grew its holdings in shares of Praxis Precision Medicines by 10.3% during the second quarter. GAMMA Investing LLC now owns 332 shares of the company's stock valued at $111,000 after buying an additional 31 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $351.81 on Monday. Praxis Precision Medicines, Inc. has a 12 month low of $37.19 and a 12 month high of $392.70. The firm's 50 day moving average is $338.92 and its 200 day moving average is $323.15. The stock has a market capitalization of $9.82 billion, a PE ratio of -27.21 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share for the quarter, beating the consensus estimate of ($3.67) by $0.80. Research analysts predict that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group reissued a "buy" rating and set a $575.00 target price (up from $470.00) on shares of Praxis Precision Medicines in a research report on Friday, August 21st. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a research note on Friday, August 7th. Wells Fargo & Company reissued a "positive" rating and set a $362.00 price objective (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. Raymond James Financial restated a "strong-buy" rating and issued a $945.00 target price on shares of Praxis Precision Medicines in a report on Monday, August 17th. Finally, 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 report on Tuesday, June 2nd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $585.95.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the sale, the director owned 2,337 shares of the company's stock, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company's stock.

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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