Janus Henderson Group PLC Boosts Stock Position in Praxis Precision Medicines, Inc. $PRAX

Janus Henderson Group PLC lifted its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 6.8% in the first quarter, HoldingsChannel reports. The fund owned 3,458,863 shares of the company’s stock after acquiring an additional 218,777 shares during the period. Janus Henderson Group PLC owned approximately 0.12% of Praxis Precision Medicines worth $1,113,514,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRAX. Massachusetts Financial Services Co. MA bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $977,000. Fifth Third Bancorp bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at $1,156,000. Swiss National Bank lifted its stake in shares of Praxis Precision Medicines by 15.3% during the 1st quarter. Swiss National Bank now owns 46,700 shares of the company’s stock valued at $15,046,000 after buying an additional 6,200 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Praxis Precision Medicines by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock valued at $165,783,000 after buying an additional 105,347 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Praxis Precision Medicines by 88.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,208 shares of the company’s stock worth $1,389,000 after buying an additional 12,270 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Down 1.6%

Shares of PRAX stock opened at $291.03 on Thursday. The stock has a market cap of $8.11 billion, a P/E ratio of -21.77 and a beta of 2.74. Praxis Precision Medicines, Inc. has a 52 week low of $37.19 and a 52 week high of $366.52. The company’s fifty day simple moving average is $307.32 and its two-hundred day simple moving average is $314.33.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on PRAX shares. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. The Goldman Sachs Group began coverage on Praxis Precision Medicines in a report on Monday, July 13th. They issued a “buy” rating and a $447.00 price target on the stock. Finally, Raymond James Financial assumed coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They issued a “strong-buy” rating and a $815.00 price target for the company. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus target price of $563.50.

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the stock in a transaction that occurred on 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 directly owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.00% of the company’s stock.

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.