Kennedy Capital Management LLC Increases Position in Praxis Precision Medicines, Inc. $PRAX

Kennedy Capital Management LLC lifted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 7.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,445 shares of the company’s stock after buying an additional 5,180 shares during the quarter. Kennedy Capital Management LLC owned approximately 0.33% of Praxis Precision Medicines worth $2,962,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its stake in Praxis Precision Medicines by 88.3% in the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock worth $26,000 after purchasing an additional 295 shares during the period. CWM LLC increased its stake in Praxis Precision Medicines by 877.9% in the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after buying an additional 676 shares during the period. Norges Bank bought a new stake in Praxis Precision Medicines during the 2nd quarter valued at about $210,000. State Board of Administration of Florida Retirement System boosted its position in Praxis Precision Medicines by 6.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company’s stock valued at $270,000 after buying an additional 385 shares during the period. Finally, Creative Planning bought a new position in Praxis Precision Medicines in the 2nd quarter worth about $273,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Insider Activity at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider owned 10,442 shares in the company, valued at $2,005,699.36. The trade was a 56.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the completion of the sale, the general counsel owned 20,832 shares of the company’s stock, valued at approximately $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PRAX. Chardan Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. Piper Sandler reaffirmed an “overweight” rating and set a $450.00 target price on shares of Praxis Precision Medicines in a research report on Friday. Needham & Company LLC set a $304.00 target price on Praxis Precision Medicines in a report on Friday. Jones Trading assumed coverage on Praxis Precision Medicines in a research note on Thursday, September 18th. They set a “buy” rating and a $83.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $303.00 price objective on shares of Praxis Precision Medicines in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $290.77.

Praxis Precision Medicines Trading Up 30.5%

PRAX opened at $247.99 on Friday. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of -19.22 and a beta of 2.95. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $277.44. The stock has a fifty day moving average price of $150.61 and a 200-day moving average price of $82.72.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.45) by $0.09. On average, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.