Pictet Asset Management Holding SA Boosts Position in Praxis Precision Medicines, Inc. $PRAX

Pictet Asset Management Holding SA boosted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 19.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 286,644 shares of the company’s stock after purchasing an additional 46,056 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Praxis Precision Medicines were worth $91,428,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $38,000. Danske Bank A S acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at $59,000. GAMMA Investing LLC grew its position in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after acquiring an additional 359 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted 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 acquiring an additional 138 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the transaction, the director directly owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by company insiders.

Praxis Precision Medicines Trading Up 6.9%

Praxis Precision Medicines stock opened at $350.56 on Tuesday. The stock has a 50 day moving average of $314.63 and a two-hundred day moving average of $308.42. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $366.52. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of -26.22 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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. Equities analysts predict that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on PRAX. HC Wainwright dropped their price target on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research note on Tuesday, June 2nd. Robert W. Baird lowered their target price on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 2nd. Wedbush reduced their price target on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a research report on Tuesday, June 2nd. TD Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Raymond James Financial began coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price objective on the stock. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus target price of $569.63.

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.