Intech Investment Management LLC Purchases Shares of 3,771 Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,771 shares of the company’s stock, valued at approximately $217,000.

Other large investors also recently modified their holdings of the company. Point72 Asset Management L.P. boosted its holdings in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Praxis Precision Medicines by 29.2% in the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after purchasing an additional 56,272 shares during the period. Marshall Wace LLP raised its holdings in shares of Praxis Precision Medicines by 105.2% in the 2nd quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock valued at $10,273,000 after purchasing an additional 127,357 shares during the period. Renaissance Technologies LLC lifted its stake in Praxis Precision Medicines by 523.2% in the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after purchasing an additional 63,329 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in Praxis Precision Medicines by 46.6% during the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after purchasing an additional 16,312 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $69.85 on Friday. Praxis Precision Medicines, Inc. has a 52 week low of $14.77 and a 52 week high of $86.93. The firm’s 50-day simple moving average is $71.50 and its 200 day simple moving average is $57.45. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -6.78 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same period in the prior year, the business posted ($2.70) earnings per share. Sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Insider Activity

In other news, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the transaction, the insider now directly owns 5,613 shares in the company, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

PRAX has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Guggenheim increased their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Oppenheimer lifted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Wedbush increased their price objective 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. Finally, HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $146.33.

About Praxis Precision Medicines

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.