Nicholas Investment Partners LP Takes Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Nicholas Investment Partners LP acquired a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,481 shares of the company’s stock, valued at approximately $653,000.

A number of other large investors have also recently made changes to their positions in PRAX. Price T Rowe Associates Inc. MD grew 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 valued at $93,008,000 after purchasing an additional 88,442 shares during the last quarter. Vanguard Group Inc. boosted its position in Praxis Precision Medicines by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after buying an additional 24,645 shares during the last quarter. Janus Henderson Group PLC boosted its position in Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after buying an additional 405,957 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Praxis Precision Medicines by 5,437.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after buying an additional 548,986 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Praxis Precision Medicines by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 406,711 shares of the company’s stock valued at $31,308,000 after buying an additional 7,873 shares during the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Truist Financial dropped their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Chardan Capital started coverage on shares of Praxis Precision Medicines in a report on Wednesday, May 7th. They issued a “buy” rating and a $80.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research note on Monday, May 5th. Finally, HC Wainwright restated a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $116.50.

Praxis Precision Medicines Stock Down 0.6%

PRAX stock opened at $37.10 on Thursday. The company’s 50-day simple moving average is $35.59 and its 200-day simple moving average is $60.21. Praxis Precision Medicines, Inc. has a 52-week low of $26.70 and a 52-week high of $91.83. The firm has a market cap of $755.69 million, a P/E ratio of -3.60 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. On average, analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal 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.