Perceptive Advisors LLC lowered its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX – Free Report) by 8.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 750,230 shares of the company’s stock after selling 71,359 shares during the quarter. Perceptive Advisors LLC’s holdings in Praxis Precision Medicines were worth $31,030,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in PRAX. Amalgamated Bank acquired a new position in Praxis Precision Medicines in the second quarter valued at approximately $25,000. Quarry LP purchased a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $83,000. SG Americas Securities LLC purchased a new stake in Praxis Precision Medicines in the 1st quarter worth about $150,000. Chase Investment Counsel Corp acquired a new stake in shares of Praxis Precision Medicines during the first quarter worth approximately $229,000. Finally, Boulder Hill Capital Management LP purchased a new position in shares of Praxis Precision Medicines during the 1st quarter valued at $256,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.
Praxis Precision Medicines Stock Up 0.1 %
Shares of NASDAQ:PRAX opened at $57.83 on Monday. The company’s 50 day moving average price is $55.73 and its two-hundred day moving average price is $50.88. Praxis Precision Medicines, Inc. has a 12-month low of $13.01 and a 12-month high of $67.21. The firm has a market cap of $1.03 billion, a PE ratio of -3.65 and a beta of 2.72.
Analysts Set New Price Targets
A number of brokerages have weighed in on PRAX. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Oppenheimer restated an “outperform” rating and set a $143.00 price target (up from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. Piper Sandler reiterated an “overweight” rating and set a $270.00 target price on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Wedbush lifted their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Finally, Guggenheim raised their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $143.44.
About Praxis Precision Medicines
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.
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