Congress Asset Management Co. Makes New Investment in Praxis Precision Medicines, Inc. $PRAX

Congress Asset Management Co. acquired a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 30,439 shares of the company’s stock, valued at approximately $1,613,000. Congress Asset Management Co. owned approximately 0.14% of Praxis Precision Medicines at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Adage Capital Partners GP L.L.C. increased its holdings in Praxis Precision Medicines by 13.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock valued at $83,031,000 after buying an additional 231,827 shares during the last quarter. Cormorant Asset Management LP boosted its position in shares of Praxis Precision Medicines by 3.1% during the 1st quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock worth $66,083,000 after acquiring an additional 51,781 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Praxis Precision Medicines by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,087,020 shares of the company’s stock valued at $41,165,000 after acquiring an additional 23,381 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Praxis Precision Medicines by 19.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock worth $25,411,000 after acquiring an additional 96,898 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its position in shares of Praxis Precision Medicines by 192.0% during the 1st quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company’s stock worth $18,238,000 after acquiring an additional 316,686 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRAX shares. UBS Group set a $750.00 price target on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Truist Financial increased their target price on shares of Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Jones Trading started coverage on shares of Praxis Precision Medicines in a research note on Thursday, September 18th. They issued a “buy” rating and a $83.00 price objective for the company. Finally, Lifesci Capital raised Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $403.80.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $280.40 on Tuesday. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $285.85. The stock has a market cap of $7.01 billion, a P/E ratio of -21.74 and a beta of 2.95. The firm has a fifty day moving average price of $198.22 and a 200 day moving average price of $100.91.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. Sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Insider Activity at Praxis Precision Medicines

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

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.