Praxis Precision Medicines, Inc. $PRAX Stock: Kornitzer Capital Management Inc. KS Increases Holdings

Kornitzer Capital Management Inc. KS grew its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 44.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,575 shares of the company’s stock after purchasing an additional 3,555 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Praxis Precision Medicines were worth $3,371,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PRAX. Integrated Wealth Concepts LLC acquired a new position in Praxis Precision Medicines in the 2nd quarter valued at $38,000. Parallel Advisors LLC raised its holdings in Praxis Precision Medicines by 3,000.0% in the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after acquiring an additional 120 shares during the period. IFP Advisors Inc raised its holdings in Praxis Precision Medicines by 632.0% in the 3rd quarter. IFP Advisors Inc now owns 183 shares of the company’s stock worth $53,000 after acquiring an additional 158 shares during the period. GAMMA Investing LLC lifted its position in Praxis Precision Medicines by 10.3% during the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after acquiring an additional 31 shares during the last quarter. Finally, Provenance Wealth Advisors LLC acquired a new position in Praxis Precision Medicines during the 3rd quarter worth $128,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $277.62 on Monday. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of -21.47 and a beta of 2.85. The company’s fifty day moving average is $291.73 and its two-hundred day moving average is $313.72. Praxis Precision Medicines, Inc. has a 52-week low of $159.74 and a 52-week high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.67) by $0.80. As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -14.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on PRAX. The Goldman Sachs Group restated a “buy” rating and set a $575.00 price target (up from $470.00) on shares of Praxis Precision Medicines in a report on Friday, August 21st. Needham & Company LLC reiterated a “buy” rating and issued a $582.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, September 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Monday, August 24th. Wall Street Zen cut Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research report on Saturday, October 17th. Finally, HC Wainwright restated a “buy” rating and set a $1,201.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $630.42.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on developing treatments for neurological and psychiatric disorders. The company applies neuroscience and precision-medicine research to conditions involving abnormalities in brain circuits and neuronal activity.

Its investigational programs have included small-molecule therapies for disorders such as essential tremor and epilepsy, as well as genetic-medicine approaches for certain rare neurological conditions.