109,177 Shares in Praxis Precision Medicines, Inc. $PRAX Purchased by Readystate Asset Management LP

Readystate Asset Management LP bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 109,177 shares of the company’s stock, valued at approximately $5,786,000. Readystate Asset Management LP owned 0.52% of Praxis Precision Medicines as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRAX. Congress Asset Management Co. acquired a new position in shares of Praxis Precision Medicines during the 3rd quarter worth $1,613,000. SG Americas Securities LLC bought a new position in Praxis Precision Medicines in the third quarter valued at about $715,000. Vivo Capital LLC acquired a new position in Praxis Precision Medicines during the second quarter worth about $7,048,000. Kennedy Capital Management LLC lifted its holdings in shares of Praxis Precision Medicines by 7.9% in the second quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock worth $2,962,000 after acquiring an additional 5,180 shares during the last quarter. Finally, Arizona State Retirement System acquired a new stake in shares of Praxis Precision Medicines in the 3rd quarter valued at approximately $287,000. Institutional investors own 67.84% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PRAX. BTIG Research reissued a “buy” rating and issued a $843.00 price objective (up previously from $507.00) on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Oppenheimer reissued an “outperform” rating and issued a $750.00 price target (up previously from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Chardan Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research note on Wednesday, November 19th. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th. Finally, Needham & Company LLC increased their price objective on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $536.06.

Praxis Precision Medicines Stock Up 3.4%

Shares of PRAX stock opened at $328.04 on Wednesday. The firm has a market cap of $8.26 billion, a P/E ratio of -25.43 and a beta of 2.84. The company has a 50 day moving average of $296.63 and a 200-day moving average of $174.11. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $335.75.

Insider Transactions at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the transaction, the general counsel owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This represents a 54.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $192.08, for a total value of $2,612,288.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.70% of the company’s stock.

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.