SG Americas Securities LLC Makes New Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,158 shares of the company’s stock, valued at approximately $297,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Amalgamated Bank purchased a new position in Praxis Precision Medicines in the 2nd quarter valued at about $25,000. Quarry LP acquired a new stake in Praxis Precision Medicines in the second quarter valued at approximately $83,000. Chase Investment Counsel Corp purchased a new stake in Praxis Precision Medicines during the 1st quarter worth $229,000. Boulder Hill Capital Management LP purchased a new stake in shares of Praxis Precision Medicines during the first quarter worth about $256,000. Finally, Profund Advisors LLC purchased a new stake in Praxis Precision Medicines during the 2nd quarter worth approximately $318,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PRAX shares. 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. Wedbush boosted their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and issued a $270.00 price objective on shares of Praxis Precision Medicines in a report on Monday, July 1st. Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 3rd. Finally, Oppenheimer reissued an “outperform” rating and issued a $143.00 price target (up previously from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $143.44.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $73.20 on Friday. The company has a 50 day moving average of $58.76 and a 200-day moving average of $51.93. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -7.14 and a beta of 2.73. Praxis Precision Medicines, Inc. has a one year low of $13.01 and a one year high of $75.73.

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. The firm had revenue of $0.36 million for the quarter, compared to analyst estimates of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. Equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -8.5 earnings per share for the current year.

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.