TD Asset Management Inc Has $2.69 Million Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• TD Asset Management Inc increased its holdings in Praxis Precision Medicines by 72.2%, owning approximately $2.69 million worth of the company at the end of Q2, 2023.
• Praxis Precision Medicines reported an earnings per share (EPS) of ($3.31) for the most recent quarter, exceeding analyst expectations.
• Analysts have generally rated Praxis Precision Medicines positively, with a consensus target price of $222.36 and multiple upgrades to "buy" and "strong-buy" ratings.

TD Asset Management Inc raised its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 72.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,938 shares of the company's stock after buying an additional 26,800 shares during the quarter. TD Asset Management Inc owned about 0.31% of Praxis Precision Medicines worth $2,689,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Praxis Precision Medicines by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company's stock valued at $444,000 after acquiring an additional 573 shares in the last quarter. CWM LLC lifted its stake in Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company's stock valued at $32,000 after acquiring an additional 676 shares in the last quarter. Swiss National Bank lifted its stake in Praxis Precision Medicines by 3.8% in the 1st quarter. Swiss National Bank now owns 27,100 shares of the company's stock valued at $1,026,000 after acquiring an additional 1,000 shares in the last quarter. Rhumbline Advisers lifted its stake in Praxis Precision Medicines by 6.7% in the 1st quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock valued at $920,000 after acquiring an additional 1,525 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Praxis Precision Medicines by 6,075.4% in the 1st quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock valued at $152,000 after acquiring an additional 3,949 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $190.02 on Wednesday. The firm has a 50 day simple moving average of $58.24 and a two-hundred day simple moving average of $47.92. The company has a market cap of $4.02 billion, a P/E ratio of -15.46 and a beta of 2.62. Praxis Precision Medicines, Inc. has a one year low of $26.70 and a one year high of $205.89.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported ($3.31) EPS for the quarter, topping analysts' consensus estimates of ($3.40) by $0.09. On average, analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PRAX. Needham & Company LLC upped their price objective on Praxis Precision Medicines from $80.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, October 16th. Lifesci Capital raised Praxis Precision Medicines to a "strong-buy" rating in a report on Wednesday, September 3rd. Jefferies Financial Group reissued a "buy" rating and set a $300.00 target price (up from $65.00) on shares of Praxis Precision Medicines in a report on Thursday, October 16th. HC Wainwright upped their price objective on Praxis Precision Medicines from $115.00 to $232.00 and gave the company a "buy" rating in a report on Thursday, October 16th. Finally, Jones Trading began coverage on Praxis Precision Medicines in a report on Thursday, September 18th. They issued a "buy" rating and a $83.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.36.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.

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