Tri Locum Partners LP Has $3.17 Million Stake in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Tri Locum Partners LP increased its stake in Praxis Precision Medicines by 124.5% in Q1, owning 83,659 shares valued at approximately $3.17 million.
• Several institutional investors have also raised their positions significantly, with Millennium Management increasing its stake by 3,519.4% during the fourth quarter.
• Prax's shares currently have a consensus rating of “Moderate Buy” with an average target price of $85.88.

Tri Locum Partners LP grew its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 124.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,659 shares of the company's stock after buying an additional 46,390 shares during the quarter. Praxis Precision Medicines accounts for about 1.6% of Tri Locum Partners LP's portfolio, making the stock its 20th largest holding. Tri Locum Partners LP owned about 0.41% of Praxis Precision Medicines worth $3,168,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Praxis Precision Medicines by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock valued at $41,165,000 after buying an additional 23,381 shares in the last quarter. VR Adviser LLC lifted its holdings in shares of Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company's stock worth $76,189,000 after acquiring an additional 283,854 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock worth $71,621,000 after acquiring an additional 405,957 shares during the last quarter. Baker BROS. Advisors LP lifted its holdings in shares of Praxis Precision Medicines by 2.6% in the fourth quarter. Baker BROS. Advisors LP now owns 331,533 shares of the company's stock worth $25,515,000 after acquiring an additional 8,428 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Praxis Precision Medicines by 0.7% in the fourth quarter. Nuveen Asset Management LLC now owns 306,911 shares of the company's stock worth $23,620,000 after acquiring an additional 2,084 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PRAX shares. Needham & Company LLC reissued a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Chardan Capital reissued a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Oppenheimer increased their target price on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. HC Wainwright reissued a "buy" rating and issued a $115.00 target price (up previously from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Finally, Wedbush increased their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $85.88.

Praxis Precision Medicines Price Performance

NASDAQ PRAX traded down $0.45 during trading hours on Friday, reaching $45.54. The company's stock had a trading volume of 275,873 shares, compared to its average volume of 508,628. The firm has a fifty day simple moving average of $49.18 and a 200-day simple moving average of $44.53. The stock has a market cap of $958.62 million, a P/E ratio of -3.71 and a beta of 2.62. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating analysts' consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Praxis Precision Medicines Company Profile

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.