Erste Asset Management GmbH Purchases New Shares in Praxis Precision Medicines, Inc. $PRAX

Erste Asset Management GmbH purchased a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,500 shares of the company’s stock, valued at approximately $3,198,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System acquired a new stake in Praxis Precision Medicines during the third quarter valued at $287,000. Rafferty Asset Management LLC grew its position in Praxis Precision Medicines by 51.5% during the third quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock valued at $1,991,000 after buying an additional 12,768 shares during the period. Algert Global LLC grew its position in Praxis Precision Medicines by 483.3% during the third quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after buying an additional 133,248 shares during the period. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock valued at $67,166,000 after buying an additional 51,642 shares during the period. Finally, Massachusetts Financial Services Co. MA purchased a new position in Praxis Precision Medicines during the fourth quarter valued at $977,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Trading Down 1.2%

NASDAQ:PRAX opened at $250.33 on Wednesday. The company’s 50-day moving average price is $322.58 and its 200-day moving average price is $299.72. The company has a market cap of $6.98 billion, a P/E ratio of -18.72 and a beta of 2.71. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, analysts expect that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PRAX. BTIG Research reaffirmed a “buy” rating and set a $810.00 price objective (down from $843.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Truist Financial set a $616.00 price objective on shares of Praxis Precision Medicines and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $510.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Four analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $572.72.

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.