Fifth Third Bancorp Buys New Holdings in Praxis Precision Medicines, Inc. $PRAX

Fifth Third Bancorp purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the first quarter, HoldingsChannel reports. The firm purchased 3,589 shares of the company’s stock, valued at approximately $1,156,000.

A number of other institutional investors also recently modified their holdings of the company. GF Fund Management CO. LTD. increased its stake in Praxis Precision Medicines by 8.2% during the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company’s stock valued at $144,000 after purchasing an additional 37 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Praxis Precision Medicines by 58.7% in the 4th 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. CWM LLC raised its holdings in shares of Praxis Precision Medicines by 15.5% in the 4th quarter. CWM LLC now owns 874 shares of the company’s stock worth $258,000 after acquiring an additional 117 shares during the last quarter. NBC Securities Inc. bought a new position in Praxis Precision Medicines in the 4th quarter valued at about $38,000. Finally, Farther Finance Advisors LLC lifted its position in 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 in the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction on 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. This trade represents a 83.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on PRAX shares. Piper Sandler reiterated an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. BTIG Research restated a “buy” rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. HC Wainwright dropped their target price on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a report on Tuesday, June 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $650.00 target price (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, 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 report on Tuesday, June 2nd. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus target price of $563.50.

Praxis Precision Medicines Stock Performance

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

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current fiscal year.

About Praxis Precision Medicines

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.