Stempoint Capital LP Has $18.13 Million Stock Position in Praxis Precision Medicines, Inc. $PRAX

Stempoint Capital LP increased its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 167.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 56,267 shares of the company's stock after purchasing an additional 35,200 shares during the quarter. Praxis Precision Medicines makes up approximately 3.5% of Stempoint Capital LP's investment portfolio, making the stock its 6th biggest position. Stempoint Capital LP owned approximately 0.20% of Praxis Precision Medicines worth $18,129,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Praxis Precision Medicines by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock valued at $444,000 after purchasing an additional 573 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Praxis Precision Medicines by 367.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company's stock worth $3,298,000 after buying an additional 68,466 shares during the period. Creative Planning purchased a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at about $273,000. JPMorgan Chase & Co. lifted its position in shares of Praxis Precision Medicines by 21.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company's stock valued at $586,000 after buying an additional 2,459 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Praxis Precision Medicines by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 16,670 shares of the company's stock valued at $701,000 after acquiring an additional 2,261 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRAX. TD Cowen reissued a "buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Truist Financial set a $616.00 price target on shares of Praxis Precision Medicines and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group began coverage on shares of Praxis Precision Medicines in a research note on Monday, July 13th. They issued a "buy" rating and a $447.00 price objective for the company. Royal Bank Of Canada assumed coverage on Praxis Precision Medicines in a research note on Wednesday, June 17th. They set an "outperform" rating and a $449.00 target price on the stock. Finally, Needham & Company LLC upped their price target on Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $563.50.

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company's stock.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX opened at $291.03 on Thursday. The company has a market cap of $8.11 billion, a P/E ratio of -21.77 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. The firm's fifty day moving average is $307.32 and its two-hundred day moving average is $314.33.

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

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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