Woodline Partners LP Raises Holdings in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Woodline Partners LP significantly increased its stake in Praxis Precision Medicines by 1,666.5% during the first quarter, owning 175,727 shares valued at approximately $6.66 million.
• Analysts generally maintain a positive outlook on the company, with a consensus rating of Moderate Buy and an average target price of $85.88.
• Praxis Precision Medicines experienced a 4.3% decline in stock price, with its shares priced at $37.71, and its 12-month high was recorded at $91.83.

Woodline Partners LP grew its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 1,666.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 175,727 shares of the company's stock after buying an additional 165,779 shares during the quarter. Woodline Partners LP owned 0.86% of Praxis Precision Medicines worth $6,655,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Cormorant Asset Management LP lifted its holdings in shares of Praxis Precision Medicines by 3.1% in the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company's stock valued at $66,083,000 after buying an additional 51,781 shares during the period. Adage Capital Partners GP L.L.C. raised its holdings in Praxis Precision Medicines by 188.1% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company's stock worth $65,998,000 after purchasing an additional 1,137,748 shares during the period. Vanguard Group Inc. boosted its position in Praxis Precision Medicines by 2.2% during the first quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company's stock worth $41,165,000 after purchasing an additional 23,381 shares in the last quarter. VR Adviser LLC boosted its position in Praxis Precision Medicines by 40.2% during the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company's stock worth $76,189,000 after purchasing an additional 283,854 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its position in Praxis Precision Medicines by 192.0% during the first quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock worth $18,238,000 after purchasing an additional 316,686 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX traded up $2.50 during midday trading on Thursday, hitting $46.53. The company had a trading volume of 104,776 shares, compared to its average volume of 446,519. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $91.83. The stock has a market cap of $979.41 million, a price-to-earnings ratio of -3.78 and a beta of 2.61. The business's 50-day simple moving average is $48.56 and its 200-day simple moving average is $41.92.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported ($3.31) 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%. As a group, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. Jones Trading initiated coverage on Praxis Precision Medicines in a research report on Thursday. They set a "buy" rating and a $83.00 price target on the stock. Oppenheimer increased their price target on Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. HC Wainwright reiterated a "buy" rating and set a $115.00 price target (up previously from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday, August 5th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $85.56.

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.