Wellington Management Group LLP Sells 48,483 Shares of Praxis Precision Medicines, Inc. $PRAX

Key Points

• Wellington Management cut its Praxis Precision Medicines stake by 27.8% in the second quarter, selling 48,483 shares and retaining 125,867 shares worth about $42.1 million. Institutional investors and hedge funds collectively own 67.84% of PRAX.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $585.95. Recent firms including Goldman Sachs and Wells Fargo raised their price targets, while Oppenheimer lowered its target but maintained an “outperform” rating.
• PRAX opened at $355.15, near its 52-week high of $392.70, and recently reported a quarterly loss of $2.87 per share—better than the consensus estimate of a $3.67 loss.

Wellington Management Group LLP lowered its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 27.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 125,867 shares of the company's stock after selling 48,483 shares during the quarter. Wellington Management Group LLP owned 0.45% of Praxis Precision Medicines worth $42,139,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC increased its position in shares of Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock valued at $40,000 after buying an additional 120 shares in the last quarter. Danske Bank A S bought a new position in Praxis Precision Medicines during the fourth quarter worth about $59,000. Tower Research Capital LLC TRC grew its position in shares of Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company's stock valued at $77,000 after purchasing an additional 359 shares during the period. GAMMA Investing LLC lifted its stake in Praxis Precision Medicines by 10.3% in the second quarter. GAMMA Investing LLC now owns 332 shares of the company's stock valued at $111,000 after buying an additional 31 shares in the last quarter. Finally, ABS Direct Equity Fund LLC bought a new position in Praxis Precision Medicines in the first quarter valued at approximately $135,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRAX has been the subject of several research reports. Oppenheimer reissued an "outperform" rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Wells Fargo & Company reiterated a "positive" rating and set a $362.00 target price (up from $323.00) on shares of Praxis Precision Medicines in a report on Friday, August 7th. The Goldman Sachs Group reissued a "buy" rating and issued a $575.00 price target (up from $470.00) on shares of Praxis Precision Medicines in a research note on Friday, August 21st. Piper Sandler restated an "overweight" rating on shares of Praxis Precision Medicines in a report on Monday, July 13th. Finally, Needham & Company LLC upped their price objective on Praxis Precision Medicines from $575.00 to $582.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $585.95.

Insiders Place Their Bets

In related news, Director Jill Desimone sold 11,600 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the sale, the director owned 2,337 shares in the company, valued at approximately $727,554.84. This represents a 83.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company's stock.

Praxis Precision Medicines Stock Down 0.7%

PRAX stock opened at $355.15 on Friday. The company has a market cap of $9.92 billion, a price-to-earnings ratio of -27.47 and a beta of 2.76. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $392.70. The business has a 50 day moving average price of $338.44 and a two-hundred day moving average price of $322.91.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating the consensus estimate of ($3.67) by $0.80. On average, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current fiscal year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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