Atom Investors LP Acquires Shares of 16,487 Praxis Precision Medicines, Inc. $PRAX

Atom Investors LP acquired a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,487 shares of the company’s stock, valued at approximately $4,859,000. Atom Investors LP owned 0.07% of Praxis Precision Medicines at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PRAX. NBC Securities Inc. purchased a new position in Praxis Precision Medicines in the fourth quarter valued at about $38,000. Danske Bank A S purchased a new position in Praxis Precision Medicines in the fourth quarter valued at about $59,000. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after purchasing an additional 88 shares during the period. Tower Research Capital LLC TRC raised its position in Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Praxis Precision Medicines by 60.0% in the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock valued at $108,000 after purchasing an additional 138 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on PRAX shares. Oppenheimer reissued an “outperform” rating and issued a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Raymond James Financial assumed coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They set a “strong-buy” rating and a $815.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Wells Fargo & Company set a $305.00 target price on Praxis Precision Medicines and gave the company an “equal weight” rating in a research note on Friday, February 20th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $572.72.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $257.25 on Wednesday. The business has a 50-day moving average of $317.34 and a 200-day moving average of $302.39. The company has a market capitalization of $7.17 billion, a PE ratio of -19.24 and a beta of 2.71. Praxis Precision Medicines, Inc. has a 1-year low of $37.19 and a 1-year high of $366.52.

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

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.