Schonfeld Strategic Advisors LLC Raises Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Schonfeld Strategic Advisors LLC raised its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 51.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,100 shares of the company’s stock after purchasing an additional 14,649 shares during the period. Schonfeld Strategic Advisors LLC owned 0.23% of Praxis Precision Medicines worth $3,317,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PRAX. Assenagon Asset Management S.A. increased its stake in Praxis Precision Medicines by 5,437.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after buying an additional 548,986 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Praxis Precision Medicines by 85.6% during the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after purchasing an additional 205,335 shares in the last quarter. Norges Bank acquired a new position in Praxis Precision Medicines in the 4th quarter valued at $9,151,000. CIBC Asset Management Inc lifted its holdings in Praxis Precision Medicines by 47.3% in the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company’s stock valued at $28,226,000 after purchasing an additional 117,817 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Praxis Precision Medicines by 7.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after purchasing an additional 88,442 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Up 5.7 %

Shares of Praxis Precision Medicines stock opened at $40.24 on Friday. The business’s fifty day simple moving average is $36.68 and its 200-day simple moving average is $62.07. The firm has a market cap of $811.36 million, a PE ratio of -3.91 and a beta of 2.66. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. As a group, equities analysts expect that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Wedbush lowered shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research note on Friday, February 28th. Needham & Company LLC restated a “buy” rating and issued a $85.00 price target on shares of Praxis Precision Medicines in a research report on Tuesday, April 8th. HC Wainwright reiterated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday. Finally, Truist Financial cut their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $123.33.

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.