First Trust Advisors LP Sells 55,369 Shares of Praxis Precision Medicines, Inc. $PRAX

First Trust Advisors LP trimmed its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 62.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,335 shares of the company’s stock after selling 55,369 shares during the quarter. First Trust Advisors LP’s holdings in Praxis Precision Medicines were worth $10,740,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in PRAX. PNC Financial Services Group Inc. boosted its position in shares of Praxis Precision Medicines by 33.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 953 shares of the company’s stock worth $307,000 after purchasing an additional 239 shares during the last quarter. Carl P. Sherr & Co. LLC increased its holdings in Praxis Precision Medicines by 8.4% in the first quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company’s stock valued at $313,000 after purchasing an additional 75 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Praxis Precision Medicines by 32.4% in the first quarter. Dimensional Fund Advisors LP now owns 31,161 shares of the company’s stock valued at $10,040,000 after buying an additional 7,618 shares during the period. Parallel Advisors LLC lifted its stake in Praxis Precision Medicines by 3,000.0% in the first quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock valued at $40,000 after buying an additional 120 shares during the period. Finally, KBC Group NV boosted its holdings in Praxis Precision Medicines by 5.8% during the first quarter. KBC Group NV now owns 715 shares of the company’s stock worth $230,000 after buying an additional 39 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Robert W. Baird decreased their target price on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research report on Tuesday, June 2nd. Royal Bank Of Canada initiated coverage on shares of Praxis Precision Medicines in a research note on Wednesday, June 17th. They set an “outperform” rating and a $449.00 price objective on the stock. Raymond James Financial started coverage on shares of Praxis Precision Medicines in a report on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating on shares of Praxis Precision Medicines in a research note on Monday, July 13th. Finally, Truist Financial set a $616.00 target price on shares of Praxis Precision Medicines and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Insiders Place Their Bets

In other news, Director Jill Desimone sold 11,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the transaction, the director owned 2,337 shares in the company, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $307.83 on Friday. Praxis Precision Medicines, Inc. has a fifty-two week low of $37.19 and a fifty-two week high of $366.52. The stock has a market capitalization of $8.58 billion, a PE ratio of -23.02 and a beta of 2.74. The business’s 50-day simple moving average is $305.75 and its 200-day simple moving average is $314.42.

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

Praxis Precision Medicines 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.