AlphaQuest LLC Increases Stake in Praxis Precision Medicines, Inc. $PRAX

AlphaQuest LLC grew its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 1,623.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,999 shares of the company’s stock after buying an additional 1,883 shares during the period. AlphaQuest LLC’s holdings in Praxis Precision Medicines were worth $106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRAX. Nisa Investment Advisors LLC grew its stake in Praxis Precision Medicines by 88.3% during the second quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares in the last quarter. CWM LLC boosted its holdings in shares of Praxis Precision Medicines by 877.9% during the 2nd quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after purchasing an additional 676 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Praxis Precision Medicines by 24.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after purchasing an additional 359 shares in the last quarter. Coastal Bridge Advisors LLC bought a new stake in shares of Praxis Precision Medicines in the third quarter worth about $204,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Praxis Precision Medicines in the third quarter worth about $207,000. Institutional investors own 67.84% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Chardan Capital upgraded Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Guggenheim reissued a “buy” rating and issued a $800.00 target price (up from $760.00) on shares of Praxis Precision Medicines in a report on Tuesday. HC Wainwright restated a “buy” rating and issued a $1,245.00 price target (up previously from $340.00) on shares of Praxis Precision Medicines in a research report on Friday, January 30th. BTIG Research reiterated a “buy” rating and set a $843.00 price objective (up previously from $507.00) on shares of Praxis Precision Medicines in a research report on Monday, December 29th. Finally, Oppenheimer reissued an “outperform” rating and issued a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a research note on Monday, December 15th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $536.06.

Insider Activity

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

Praxis Precision Medicines Stock Down 4.7%

PRAX stock opened at $317.25 on Friday. Praxis Precision Medicines, Inc. has a twelve month low of $26.70 and a twelve month high of $335.75. The firm has a market cap of $7.99 billion, a price-to-earnings ratio of -24.59 and a beta of 2.84. The business’s fifty day simple moving average is $294.31 and its two-hundred day simple moving average is $168.75.

About Praxis Precision Medicines

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.