Tri Locum Partners LP Raises Position 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 stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 124.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. 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 1.6% of Tri Locum Partners LP's investment portfolio, making the stock its 20th biggest position. Tri Locum Partners LP owned 0.41% of Praxis Precision Medicines worth $3,168,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in PRAX. JPMorgan Chase & Co. boosted its holdings in shares of Praxis Precision Medicines by 24.0% in the 4th quarter. JPMorgan Chase & Co. now owns 9,693 shares of the company's stock worth $746,000 after purchasing an additional 1,879 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Praxis Precision Medicines by 46.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,612 shares of the company's stock worth $663,000 after buying an additional 2,746 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in Praxis Precision Medicines during the fourth quarter valued at approximately $231,000. MetLife Investment Management LLC grew its position in Praxis Precision Medicines by 5.4% during the fourth quarter. MetLife Investment Management LLC now owns 10,675 shares of the company's stock valued at $822,000 after acquiring an additional 544 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Praxis Precision Medicines by 565.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,873 shares of the company's stock worth $452,000 after acquiring an additional 4,990 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

PRAX traded down $0.75 during midday trading on Tuesday, reaching $44.79. 83,767 shares of the company's stock traded hands, compared to its average volume of 444,398. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $91.83. The firm has a fifty day moving average of $49.26 and a two-hundred day moving average of $43.91. The stock has a market capitalization of $942.87 million, a price-to-earnings ratio of -3.65 and a beta of 2.61.

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

Wall Street Analyst Weigh In

PRAX has been the subject of a number of research reports. Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Wedbush upped their price target on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research report on Monday, May 5th. Chardan Capital reiterated a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. 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 research note on Tuesday, August 5th. Finally, Needham & Company LLC restated a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a report on Thursday, June 12th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and an average target price of $85.88.

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.