Bank of New York Mellon Corp Acquires New Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Bank of New York Mellon Corp acquired a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 49,510 shares of the company’s stock, valued at approximately $2,048,000. Bank of New York Mellon Corp owned about 0.29% of Praxis Precision Medicines as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in Praxis Precision Medicines during the 1st quarter valued at about $150,000. DLD Asset Management LP acquired a new position in Praxis Precision Medicines during the 4th quarter valued at about $223,000. Chase Investment Counsel Corp acquired a new position in Praxis Precision Medicines during the 1st quarter valued at about $229,000. Boulder Hill Capital Management LP acquired a new position in Praxis Precision Medicines during the 1st quarter valued at about $256,000. Finally, Victory Capital Management Inc. increased its stake in Praxis Precision Medicines by 25.0% during the 4th quarter. Victory Capital Management Inc. now owns 15,705 shares of the company’s stock valued at $350,000 after buying an additional 3,137 shares during the period. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Stock Performance

PRAX opened at $57.72 on Wednesday. The firm’s 50-day simple moving average is $54.61 and its 200-day simple moving average is $50.65. Praxis Precision Medicines, Inc. has a twelve month low of $13.01 and a twelve month high of $67.21. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -3.64 and a beta of 2.72.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. The business had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. As a group, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Guggenheim lifted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, September 10th. Wedbush lifted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Oppenheimer reaffirmed an “outperform” rating and issued a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $145.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.44.

Praxis Precision Medicines Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.