Orbimed Advisors LLC Raises Position in Praxis Precision Medicines, Inc. $PRAX

Orbimed Advisors LLC increased its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 82.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 172,500 shares of the company’s stock after purchasing an additional 78,000 shares during the quarter. Praxis Precision Medicines makes up approximately 1.0% of Orbimed Advisors LLC’s portfolio, making the stock its 27th biggest holding. Orbimed Advisors LLC owned 0.62% of Praxis Precision Medicines worth $55,578,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of PRAX. NBC Securities Inc. bought a new position in Praxis Precision Medicines during the fourth quarter valued at $38,000. Parallel Advisors LLC increased its position in Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after buying an additional 120 shares during the last quarter. Danske Bank A S bought a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $59,000. GAMMA Investing LLC lifted its position in shares of Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after buying an additional 88 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Praxis Precision Medicines by 24.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after buying an additional 359 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $325.30 on Monday. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52. The business has a 50-day simple moving average of $308.80 and a 200 day simple moving average of $314.03. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of -24.33 and a beta of 2.74.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. On average, research analysts anticipate that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In other news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the completion of the transaction, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PRAX. BTIG Research reiterated a “buy” rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. Raymond James Financial began coverage on shares of Praxis Precision Medicines in a report on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price objective for the company. Wedbush reduced their price objective on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating for the company in a research note on Tuesday, June 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $563.50.

Praxis Precision Medicines Company Profile

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.