Bank of New York Mellon Corp acquired a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX – Free Report) 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.
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.
View Our Latest Analysis on PRAX
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.
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