Praxis Precision Medicines, Inc. $PRAX Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its ownership in Praxis Precision Medicines by 2.2%, acquiring an additional 23,381 shares, bringing its total to 1,087,020 shares valued at approximately $41.17 million.
• Praxis Precision Medicines reported a loss of $3.31 earnings per share for the last quarter, surpassing the consensus estimate of a loss of $3.40.
• Analysts maintain a consensus rating of "Moderate Buy" for Praxis, with a price target of $85.88, reflecting optimism despite the current market challenges.

Vanguard Group Inc. boosted its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 2.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,087,020 shares of the company's stock after purchasing an additional 23,381 shares during the period. Vanguard Group Inc. owned about 5.34% of Praxis Precision Medicines worth $41,165,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Praxis Precision Medicines by 2.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,135 shares of the company's stock valued at $856,000 after acquiring an additional 258 shares during the period. California State Teachers Retirement System increased its stake in Praxis Precision Medicines by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 12,726 shares of the company's stock worth $979,000 after purchasing an additional 275 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $30,000. MetLife Investment Management LLC boosted its position in Praxis Precision Medicines by 5.4% in the 4th quarter. MetLife Investment Management LLC now owns 10,675 shares of the company's stock valued at $822,000 after buying an additional 544 shares during the period. Finally, Rhumbline Advisers grew its stake in Praxis Precision Medicines by 6.7% in the first quarter. Rhumbline Advisers now owns 24,294 shares of the company's stock worth $920,000 after purchasing an additional 1,525 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Down 1.0%

Shares of NASDAQ PRAX traded down $0.45 during midday trading on Friday, hitting $45.54. The company's stock had a trading volume of 275,873 shares, compared to its average volume of 508,628. The business's fifty day simple moving average is $49.11 and its two-hundred day simple moving average is $45.07. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, beating the consensus estimate 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%. Equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PRAX shares. Wedbush raised their target price 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. Oppenheimer boosted their target price on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Needham & Company LLC restated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, June 12th. HC Wainwright restated a "buy" rating and set a $115.00 price objective (up from $105.00) on shares of Praxis Precision Medicines in a research note on Tuesday, August 5th. Finally, Chardan Capital reiterated a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $85.88.

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.