Sofinnova Investments Inc. Sells 47,111 Shares of Praxis Precision Medicines, Inc. $PRAX

Sofinnova Investments Inc. lowered its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 27.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 125,722 shares of the company’s stock after selling 47,111 shares during the quarter. Praxis Precision Medicines makes up about 1.5% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 19th largest position. Sofinnova Investments Inc. owned approximately 0.50% of Praxis Precision Medicines worth $37,055,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rafferty Asset Management LLC grew its stake in shares of Praxis Precision Medicines by 51.5% during the third quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock worth $1,991,000 after purchasing an additional 12,768 shares during the period. Algert Global LLC grew its stake in shares of Praxis Precision Medicines by 483.3% during the third quarter. Algert Global LLC now owns 160,818 shares of the company’s stock worth $8,523,000 after purchasing an additional 133,248 shares during the period. Vanguard Group Inc. grew its stake in shares of Praxis Precision Medicines by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after purchasing an additional 51,642 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $977,000. Finally, HighVista Strategies LLC grew its stake in shares of Praxis Precision Medicines by 41.2% during the third quarter. HighVista Strategies LLC now owns 95,002 shares of the company’s stock worth $5,035,000 after purchasing an additional 27,714 shares during the period. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Trading Down 0.8%

NASDAQ:PRAX opened at $264.54 on Tuesday. 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 $7.38 billion, a price-to-earnings ratio of -19.79 and a beta of 2.71. The stock has a 50-day moving average price of $318.40 and a two-hundred day moving average price of $301.91.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PRAX shares. 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 research note on Tuesday, June 2nd. Raymond James Financial started coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Wells Fargo & Company set a $305.00 price objective on Praxis Precision Medicines and gave the stock an “equal weight” rating in a research note on Friday, February 20th. Finally, Wolfe Research started coverage on Praxis Precision Medicines in a research note on Monday, February 23rd. They set an “outperform” rating and a $500.00 price objective for the company. Four analysts have rated the stock with a Strong Buy rating, thirteen 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 has an average rating of “Moderate Buy” and an average price target of $572.72.

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.