Verition Fund Management LLC Increases Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Verition Fund Management LLC raised its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAXGet Rating) by 11.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 236,374 shares of the company’s stock after purchasing an additional 24,081 shares during the quarter. Verition Fund Management LLC owned about 0.52% of Praxis Precision Medicines worth $2,413,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new position in Praxis Precision Medicines in the 4th quarter valued at about $31,000. Ensign Peak Advisors Inc acquired a new position in Praxis Precision Medicines in the 4th quarter valued at about $86,000. OneAscent Financial Services LLC acquired a new position in Praxis Precision Medicines in the 1st quarter valued at about $108,000. GSA Capital Partners LLP acquired a new position in Praxis Precision Medicines in the 4th quarter valued at about $211,000. Finally, Cetera Advisors LLC acquired a new position in Praxis Precision Medicines in the 1st quarter valued at about $114,000. 94.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PRAX. HC Wainwright decreased their target price on shares of Praxis Precision Medicines from $48.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, June 7th. Wedbush lowered shares of Praxis Precision Medicines from an “outperform” rating to a “neutral” rating and set a $4.00 price objective on the stock. in a report on Monday, June 6th. Bank of America lowered shares of Praxis Precision Medicines from a “buy” rating to a “neutral” rating and set a $4.00 price objective on the stock. in a report on Tuesday, June 7th. Finally, Piper Sandler decreased their price objective on shares of Praxis Precision Medicines from $65.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, June 7th.

Praxis Precision Medicines Stock Down 7.3 %

Praxis Precision Medicines stock opened at $2.65 on Friday. The firm has a market cap of $120.79 million, a PE ratio of -0.52 and a beta of 3.19. Praxis Precision Medicines, Inc. has a 52-week low of $1.63 and a 52-week high of $23.56. The company’s 50 day moving average is $3.53 and its two-hundred day moving average is $6.37.

Praxis Precision Medicines (NASDAQ:PRAXGet Rating) last released its earnings results on Monday, August 8th. The company reported ($1.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.02). On average, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -4.47 earnings per share for the current fiscal year.

Praxis Precision Medicines Company Profile

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Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

Further Reading

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Institutional Ownership by Quarter for Praxis Precision Medicines (NASDAQ:PRAX)

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