Sei Investments Co. Buys 13,729 Shares of Praxis Precision Medicines, Inc. $PRAX

Key Points

• Sei Investments increased its Praxis Precision Medicines stake by 86.9% in the first quarter, bringing its holdings to 29,525 shares valued at approximately $9.5 million. Institutional investors collectively own 67.84% of PRAX.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $563.50, despite several recent target reductions.
• PRAX shares opened at $307.83, near their 50-day moving average, while the company reported a quarterly loss of $3.20 per share—better than the $3.58 consensus estimate. Director Jill Desimone separately sold 11,600 shares worth about $3.6 million.

Sei Investments Co. raised its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 86.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 29,525 shares of the company's stock after purchasing an additional 13,729 shares during the quarter. Sei Investments Co. owned 0.11% of Praxis Precision Medicines worth $9,513,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PRAX shares. Oppenheimer reissued an "outperform" rating and issued a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. The Goldman Sachs Group began coverage on Praxis Precision Medicines in a research note on Monday, July 13th. They issued a "buy" rating and a $447.00 price target on the stock. Wedbush lowered their price target on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating on the stock in a research report on Tuesday, June 2nd. Truist Financial set a $616.00 price objective on Praxis Precision Medicines and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Finally, HC Wainwright cut their price objective on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating for the company in a report on Tuesday, June 2nd. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $563.50.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $307.83 on Friday. The firm has a fifty day moving average of $305.75 and a two-hundred day moving average of $314.42. 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, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating the consensus estimate of ($3.58) by $0.38. As a group, research analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current fiscal year.

Insider Activity at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The shares were 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 represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by company insiders.

Praxis Precision Medicines Company 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.

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