California Public Employees Retirement System Takes $13.58 Million Position in Praxis Precision Medicines, Inc. $PRAX

California Public Employees Retirement System purchased a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 42,163 shares of the company’s stock, valued at approximately $13,584,000. California Public Employees Retirement System owned approximately 0.15% of Praxis Precision Medicines at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. NBC Securities Inc. acquired a new position in Praxis Precision Medicines during the fourth quarter worth $38,000. Danske Bank A S acquired a new position in shares of Praxis Precision Medicines during the 4th quarter valued at about $59,000. GAMMA Investing LLC increased its stake in Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock worth $70,000 after acquiring an additional 88 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Praxis Precision Medicines by 60.0% in the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after acquiring an additional 138 shares during the period. Finally, GF Fund Management CO. LTD. grew its position in Praxis Precision Medicines by 8.2% in the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after acquiring an additional 37 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRAX has been the topic of a number of recent analyst reports. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Wedbush decreased their price target on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research note on Tuesday, June 2nd. The Goldman Sachs Group initiated coverage on Praxis Precision Medicines in a research report on Monday, July 13th. They issued a “buy” rating and a $447.00 price objective on the stock. Finally, Royal Bank Of Canada initiated coverage on shares of Praxis Precision Medicines in a research note on Wednesday, June 17th. They set an “outperform” rating and a $449.00 price target on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $563.50.

Insiders Place Their Bets

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the transaction, the director directly owned 2,337 shares in the company, valued at approximately $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $325.30 on Friday. Praxis Precision Medicines, Inc. has a 1-year low of $37.19 and a 1-year high of $366.52. The business’s fifty day moving average price is $308.80 and its two-hundred day moving average price is $313.77. The company has a market capitalization of $9.07 billion, a P/E ratio of -24.33 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. On average, research analysts expect that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current fiscal year.

Praxis Precision Medicines Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.