Squarepoint Ops LLC Raises Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Squarepoint Ops LLC lifted its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 108.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,348 shares of the company’s stock after acquiring an additional 6,942 shares during the quarter. Squarepoint Ops LLC owned 0.08% of Praxis Precision Medicines worth $552,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Amalgamated Bank purchased a new stake in Praxis Precision Medicines during the second quarter worth $25,000. SG Americas Securities LLC purchased a new stake in shares of Praxis Precision Medicines in the 1st quarter worth about $150,000. Chase Investment Counsel Corp acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at about $229,000. Boulder Hill Capital Management LP purchased a new position in Praxis Precision Medicines during the 1st quarter valued at about $256,000. Finally, BNP Paribas Financial Markets acquired a new position in Praxis Precision Medicines during the first quarter worth about $412,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on PRAX. Wedbush increased their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Oppenheimer reaffirmed an “outperform” rating and set a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. Guggenheim boosted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research note 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.44.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $64.77 on Wednesday. Praxis Precision Medicines, Inc. has a 1 year low of $13.01 and a 1 year high of $67.93. The firm has a 50 day moving average price of $56.24 and a 200 day moving average price of $51.19. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -3.94 and a beta of 2.73.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $0.64. The company had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

Praxis Precision Medicines Company 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.