Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Position Increased by Wellington Management Group LLP

Wellington Management Group LLP boosted its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 326.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 219,907 shares of the company’s stock after buying an additional 168,394 shares during the period. Wellington Management Group LLP’s holdings in Praxis Precision Medicines were worth $12,653,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Amalgamated Bank bought a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at about $25,000. Quarry LP bought a new stake in Praxis Precision Medicines during the second quarter worth approximately $83,000. US Bancorp DE grew its position in Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after buying an additional 605 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines in the third quarter valued at $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in shares of Praxis Precision Medicines in the third quarter valued at $231,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Praxis Precision Medicines

In other news, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the completion of the sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $70.18 on Friday. The firm has a 50 day simple moving average of $72.65 and a 200 day simple moving average of $58.65. Praxis Precision Medicines, Inc. has a 52 week low of $14.77 and a 52 week high of $86.93. The stock has a market cap of $1.31 billion, a P/E ratio of -6.81 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same period in the previous year, the business posted ($2.70) EPS. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of recent analyst reports. Oppenheimer boosted their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $146.33.

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.