Praxis Precision Medicines, Inc. $PRAX Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 11.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,047 shares of the company’s stock after purchasing an additional 9,150 shares during the quarter. Bank of New York Mellon Corp’s holdings in Praxis Precision Medicines were worth $28,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRAX. Principal Financial Group Inc. boosted its holdings in Praxis Precision Medicines by 15.9% during the first quarter. Principal Financial Group Inc. now owns 1,153 shares of the company’s stock worth $371,000 after buying an additional 158 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at approximately $281,000. Fifth Third Bancorp acquired a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at approximately $1,156,000. Hsbc Holdings PLC boosted its stake in shares of Praxis Precision Medicines by 98.1% during the 1st quarter. Hsbc Holdings PLC now owns 1,634 shares of the company’s stock worth $518,000 after acquiring an additional 809 shares in the last quarter. Finally, Abel Hall LLC boosted its stake in shares of Praxis Precision Medicines by 34.9% during the 1st quarter. Abel Hall LLC now owns 1,392 shares of the company’s stock worth $448,000 after acquiring an additional 360 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $315.80 on Tuesday. The firm has a 50 day simple moving average of $308.71 and a 200-day simple moving average of $314.33. Praxis Precision Medicines, Inc. has a 1-year low of $37.19 and a 1-year high of $366.52. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of -23.62 and a beta of 2.74.

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

Insiders Place Their Bets

In other Praxis Precision Medicines 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 transaction, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Robert W. Baird lowered their price target on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating on the stock in a report on Tuesday, June 2nd. Needham & Company LLC lifted their price objective on Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a “buy” rating in a report on Monday, June 29th. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, The Goldman Sachs Group began coverage on Praxis Precision Medicines in a research report on Monday, July 13th. They issued a “buy” rating and a $447.00 price target for the company. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.