Seven Fleet Capital Management LP Acquires Shares of 7,540 Praxis Precision Medicines, Inc. $PRAX

Key Points

• Seven Fleet Capital Management acquired 7,540 shares of Praxis Precision Medicines worth approximately $2.52 million, while institutional investors collectively own 67.84% of the company.
• Director Jill Desimone sold 11,600 shares for about $3.61 million under a pre-arranged Rule 10b5-1 plan, reducing her direct holdings by 83.23%.
• Praxis reported quarterly EPS of -$2.87, better than the expected -$3.67. Analysts maintain a “Moderate Buy” consensus with an average price target of $585.95 versus the stock’s $351.81 opening price.

Seven Fleet Capital Management LP acquired a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,540 shares of the company's stock, valued at approximately $2,524,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Orbis Allan Gray Ltd purchased a new position in shares of Praxis Precision Medicines during the fourth quarter valued at about $369,946,000. Janus Henderson Group PLC lifted its holdings in Praxis Precision Medicines by 17.2% in the fourth quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company's stock worth $954,834,000 after buying an additional 476,227 shares during the period. Barclays PLC lifted its holdings in Praxis Precision Medicines by 592.6% in the fourth quarter. Barclays PLC now owns 530,751 shares of the company's stock worth $156,434,000 after buying an additional 454,114 shares during the period. Baker BROS. Advisors LP boosted its position in Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock valued at $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC grew its holdings in shares of Praxis Precision Medicines by 27.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company's stock worth $588,297,000 after acquiring an additional 431,432 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the stock in a transaction dated 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 sale, the director directly owned 2,337 shares of the company's stock, valued at approximately $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 currently owned by insiders.

Praxis Precision Medicines Stock Down 0.9%

Praxis Precision Medicines stock opened at $351.81 on Friday. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $392.70. The company has a market capitalization of $9.82 billion, a P/E ratio of -27.21 and a beta of 2.76. The stock's 50 day moving average is $338.92 and its 200 day moving average is $323.11.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($3.67) by $0.80. As a group, equities analysts expect that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PRAX shares. TD Cowen reissued a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. HC Wainwright dropped their price target on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating on the stock in a research report on Tuesday, June 2nd. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a research note on Friday, August 7th. BTIG Research reiterated a "buy" rating and issued a $810.00 price objective on shares of Praxis Precision Medicines in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $462.00 price objective (up from $449.00) on shares of Praxis Precision Medicines in a research report on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and a consensus price target of $585.95.

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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