Nisa Investment Advisors LLC Grows Stock Position in Praxis Precision Medicines, Inc. $PRAX

Nisa Investment Advisors LLC grew its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 1,033.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,129 shares of the company’s stock after purchasing an additional 6,500 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Praxis Precision Medicines were worth $378,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PRAX. CWM LLC increased its position in shares of Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after buying an additional 676 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after purchasing an additional 359 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Praxis Precision Medicines in the third quarter worth $207,000. KLP Kapitalforvaltning AS grew its position in Praxis Precision Medicines by 42.9% during the third quarter. KLP Kapitalforvaltning AS now owns 4,000 shares of the company’s stock worth $212,000 after buying an additional 1,200 shares in the last quarter. Finally, Maven Securities LTD bought a new position in Praxis Precision Medicines in the 2nd quarter worth about $210,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Insiders Place Their Bets

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the sale, the general counsel owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This trade represents a 54.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider owned 10,442 shares in the company, valued at $2,005,699.36. The trade was a 56.57% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $460.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, January 5th. Guggenheim reiterated a “buy” rating on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. TD Cowen upped their target price on Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a research note on Monday, December 8th. Finally, Piper Sandler reiterated an “overweight” rating and set a $450.00 price target on shares of Praxis Precision Medicines in a research report on Friday, December 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $436.67.

Praxis Precision Medicines Trading Up 6.6%

NASDAQ PRAX opened at $317.25 on Friday. The stock has a 50-day moving average of $243.56 and a 200-day moving average of $132.35. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $326.91. The firm has a market cap of $7.99 billion, a PE ratio of -24.59 and a beta of 2.85.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, beating the consensus estimate of ($3.45) by $0.09. As a group, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.