Praxis Precision Medicines, Inc. $PRAX Shares Sold by Affinity Asset Advisors LLC

Affinity Asset Advisors LLC decreased its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 8.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 170,000 shares of the company’s stock after selling 15,000 shares during the quarter. Praxis Precision Medicines accounts for approximately 2.8% of Affinity Asset Advisors LLC’s portfolio, making the stock its 8th largest position. Affinity Asset Advisors LLC’s holdings in Praxis Precision Medicines were worth $54,772,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PRAX. Orbis Allan Gray Ltd purchased a new position in shares of Praxis Precision Medicines during the fourth quarter worth $369,946,000. Janus Henderson Group PLC raised its holdings in shares of Praxis Precision Medicines by 17.2% in the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after buying an additional 476,227 shares during the period. Barclays PLC lifted its stake in Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock worth $156,434,000 after acquiring an additional 454,114 shares in the last quarter. Baker BROS. Advisors LP lifted its stake in Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC grew its position in Praxis Precision Medicines by 27.6% in the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock valued at $588,297,000 after acquiring an additional 431,432 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Up 0.9%

NASDAQ PRAX opened at $325.30 on Friday. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52. The firm has a 50 day moving average of $308.80 and a two-hundred day moving average of $313.77. The stock has a market capitalization of $9.07 billion, a PE ratio of -24.33 and a beta of 2.74.

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

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the sale, the director directly owned 2,337 shares of the company’s stock, valued at $727,554.84. The trade was a 83.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PRAX. The Goldman Sachs Group began coverage on shares of Praxis Precision Medicines in a research note on Monday, July 13th. They set a “buy” rating and a $447.00 price target on the stock. Robert W. Baird lowered their price objective on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research note on Tuesday, June 2nd. Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Wedbush cut their target price on shares of 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. Finally, Raymond James Financial started coverage on shares of Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 target price on the stock. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $563.50.

Praxis Precision Medicines Company 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.