Quarry LP Invests $83,000 in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Quarry LP purchased a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,000 shares of the company’s stock, valued at approximately $83,000.

A number of other large investors also recently bought and sold shares of the business. Wildcat Capital Management LLC purchased a new stake in Praxis Precision Medicines in the 4th quarter worth $373,000. PCG Wealth Advisors LLC acquired a new position in Praxis Precision Medicines in the 1st quarter valued at $788,000. BNP Paribas Financial Markets purchased a new position in Praxis Precision Medicines in the 1st quarter valued at $412,000. Chase Investment Counsel Corp acquired a new stake in Praxis Precision Medicines during the 1st quarter worth $229,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Praxis Precision Medicines during the first quarter worth $150,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

PRAX stock opened at $61.14 on Thursday. The business’s 50-day moving average is $55.81 and its two-hundred day moving average is $51.00. The firm has a market capitalization of $1.05 billion, a P/E ratio of -3.85 and a beta of 2.73. Praxis Precision Medicines, Inc. has a 1 year low of $13.01 and a 1 year high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results 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. The firm had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. On average, analysts expect that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PRAX. Oppenheimer reiterated an “outperform” rating and set a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th. Guggenheim boosted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and set a $270.00 price target on shares of Praxis Precision Medicines in a report on Monday, July 1st. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Finally, Wedbush upped 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. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $143.44.

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.