Profund Advisors LLC Raises Stake in Praxis Precision Medicines, Inc. $PRAX

Profund Advisors LLC boosted its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 53.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,079 shares of the company’s stock after purchasing an additional 2,818 shares during the quarter. Profund Advisors LLC’s holdings in Praxis Precision Medicines were worth $428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Congress Asset Management Co. bought a new position in shares of Praxis Precision Medicines in the third quarter valued at approximately $1,613,000. SG Americas Securities LLC bought a new stake in Praxis Precision Medicines during the 3rd quarter worth approximately $715,000. Vivo Capital LLC purchased a new stake in Praxis Precision Medicines in the 2nd quarter worth approximately $7,048,000. Aberdeen Group plc boosted its holdings in Praxis Precision Medicines by 143.5% in the 2nd quarter. Aberdeen Group plc now owns 214,056 shares of the company’s stock valued at $9,001,000 after purchasing an additional 126,153 shares during the period. Finally, Kennedy Capital Management LLC boosted its holdings in Praxis Precision Medicines by 7.9% in the 2nd quarter. Kennedy Capital Management LLC now owns 70,445 shares of the company’s stock valued at $2,962,000 after purchasing an additional 5,180 shares during the period. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Price Performance

Shares of NASDAQ PRAX opened at $332.92 on Friday. The stock has a market capitalization of $8.39 billion, a P/E ratio of -25.81 and a beta of 2.84. Praxis Precision Medicines, Inc. has a one year low of $26.70 and a one year high of $335.75. The firm’s 50 day simple moving average is $292.93 and its two-hundred day simple moving average is $166.93.

Insider Buying and Selling at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction on 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 transaction, the insider owned 10,442 shares in the company, valued at $2,005,699.36. This trade represents a 56.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was 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 directly owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This represents a 54.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PRAX. Truist Financial upped their price target on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the stock a “buy” rating in a report on Monday, December 8th. TD Cowen restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, January 29th. Citigroup reiterated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research report on Tuesday, December 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft set a $313.00 target price on shares of Praxis Precision Medicines in a research note on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $536.06.

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.