Nicholas Investment Partners LP Makes New $653,000 Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Nicholas Investment Partners LP bought a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,481 shares of the company's stock, valued at approximately $653,000.

Several other large investors also recently made changes to their positions in PRAX. CIBC Asset Management Inc raised its position in shares of Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock worth $28,226,000 after buying an additional 117,817 shares in the last quarter. Barclays PLC lifted its position in shares of Praxis Precision Medicines by 126.8% during the 3rd quarter. Barclays PLC now owns 37,130 shares of the company's stock valued at $2,136,000 after acquiring an additional 20,759 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $304,000. Vanguard Group Inc. lifted its position in Praxis Precision Medicines by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company's stock worth $81,858,000 after buying an additional 24,645 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company's stock worth $43,027,000 after acquiring an additional 548,986 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Praxis Precision Medicines Stock Up 0.9%

PRAX stock traded up $0.34 during midday trading on Tuesday, reaching $37.69. The stock had a trading volume of 81,865 shares, compared to its average volume of 386,783. The business has a fifty day simple moving average of $35.58 and a two-hundred day simple moving average of $59.38. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $91.83. The firm has a market cap of $767.71 million, a price-to-earnings ratio of -3.66 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. On average, equities analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

PRAX has been the topic of a number of research reports. Wedbush increased their price objective on Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Praxis Precision Medicines in a research report on Monday, May 5th. HC Wainwright reissued a "buy" rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Chardan Capital began coverage on Praxis Precision Medicines in a research report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price objective for the company. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $116.50.

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.