Vanguard Group Inc. Increases Holdings in Praxis Precision Medicines, Inc. $PRAX

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GF Fund Management CO. LTD. acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at about $30,000. GAMMA Investing LLC lifted its position in shares of Praxis Precision Medicines by 6,075.4% in the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock worth $152,000 after purchasing an additional 3,949 shares in the last quarter. Graham Capital Management L.P. acquired a new position in Praxis Precision Medicines during the fourth quarter worth $209,000. Envestnet Asset Management Inc. acquired a new position in Praxis Precision Medicines during the fourth quarter worth $231,000. Finally, Freestone Grove Partners LP acquired a new position in shares of Praxis Precision Medicines in the fourth quarter valued at $237,000. 67.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PRAX shares. 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 report on Tuesday, July 8th. Chardan Capital reaffirmed a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research report on Tuesday, July 29th. 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. Wedbush raised their price objective on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a report on Monday, May 5th. Finally, HC Wainwright reissued a "buy" rating and set a $115.00 target price (up previously from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday, August 5th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $85.88.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded down $0.45 during midday trading on Monday, reaching $45.54. 275,873 shares of the company's stock traded hands, compared to its average volume of 490,521. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $91.83. The stock has a 50 day moving average of $49.26 and a 200-day moving average of $43.91. The company has a market cap of $958.62 million, a PE ratio of -3.71 and a beta of 2.61.

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

Praxis Precision Medicines 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.