Geode Capital Management LLC Has $22.95 Million Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Geode Capital Management LLC lifted its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 1.0% during the third quarter, Holdings Channel.com reports. The firm owned 398,838 shares of the company’s stock after buying an additional 3,779 shares during the period. Geode Capital Management LLC’s holdings in Praxis Precision Medicines were worth $22,954,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Amalgamated Bank bought a new stake in shares of Praxis Precision Medicines during the second quarter worth approximately $25,000. Quarry LP bought a new stake in shares of Praxis Precision Medicines during the second quarter worth approximately $83,000. US Bancorp DE raised its stake in shares of Praxis Precision Medicines by 35.9% during 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 stake in shares of Praxis Precision Medicines during the third quarter worth approximately $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new stake in shares of Praxis Precision Medicines during the third quarter worth approximately $231,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ:PRAX opened at $77.00 on Friday. Praxis Precision Medicines, Inc. has a 52 week low of $19.61 and a 52 week high of $86.93. The company has a market capitalization of $1.44 billion, a PE ratio of -7.48 and a beta of 2.67. The company has a 50 day moving average price of $74.07 and a two-hundred day moving average price of $60.68.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the previous year, the company posted ($2.70) EPS. On average, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

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

Analyst Upgrades and Downgrades

PRAX has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Oppenheimer boosted their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus 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.