Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Position Raised by Rhumbline Advisers

Rhumbline Advisers lifted its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 14,500.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,192 shares of the company’s stock after purchasing an additional 22,040 shares during the period. Rhumbline Advisers owned approximately 0.13% of Praxis Precision Medicines worth $918,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PRAX. DLD Asset Management LP purchased a new position in shares of Praxis Precision Medicines during the fourth quarter valued at $223,000. Wildcat Capital Management LLC acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $373,000. PCG Wealth Advisors LLC acquired a new position in shares of Praxis Precision Medicines during the 1st quarter worth about $788,000. BNP Paribas Financial Markets acquired a new position in shares of Praxis Precision Medicines during the 1st quarter worth about $412,000. Finally, Chase Investment Counsel Corp acquired a new position in Praxis Precision Medicines in the 1st quarter valued at approximately $229,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRAX has been the topic of several analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $143.00 price objective (up from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. Wedbush increased their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Guggenheim raised their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Piper Sandler reiterated an “overweight” rating and set a $270.00 target price on shares of Praxis Precision Medicines in a report on Monday, July 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus price target of $143.44.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $56.55 on Tuesday. The firm’s fifty day moving average price is $55.31 and its two-hundred day moving average price is $50.78. The stock has a market cap of $967.46 million, a PE ratio of -3.57 and a beta of 2.72. Praxis Precision Medicines, Inc. has a fifty-two week low of $13.01 and a fifty-two week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. The company had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. As a group, sell-side analysts predict that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current fiscal year.

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.