Algert Global LLC Increases Stock Position in Praxis Precision Medicines, Inc. $PRAX

Algert Global LLC boosted its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 483.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,818 shares of the company’s stock after purchasing an additional 133,248 shares during the period. Algert Global LLC owned approximately 0.64% of Praxis Precision Medicines worth $8,523,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRAX. Adage Capital Partners GP L.L.C. boosted its position in Praxis Precision Medicines by 13.3% in the 2nd 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. Vanguard Group Inc. increased its position in shares of Praxis Precision Medicines by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after acquiring an additional 51,642 shares during the last quarter. Deerfield Management Company L.P. lifted its stake in shares of Praxis Precision Medicines by 22.4% in the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after acquiring an additional 153,920 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Praxis Precision Medicines by 8.1% in the second quarter. Geode Capital Management LLC now owns 451,731 shares of the company’s stock worth $18,997,000 after acquiring an additional 33,715 shares in the last quarter. Finally, Vivo Capital LLC purchased a new position in Praxis Precision Medicines in the second quarter valued at about $7,048,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRAX. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $412.00 price objective on shares of Praxis Precision Medicines in a research note on Friday, February 20th. Needham & Company LLC increased their target price on Praxis Precision Medicines from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Oppenheimer reissued an “outperform” rating and set a $750.00 price target (up from $250.00) on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Truist Financial lifted their price target on shares of Praxis Precision Medicines from $500.00 to $700.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $576.12.

Praxis Precision Medicines Stock Up 3.8%

PRAX opened at $305.00 on Tuesday. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of -22.66 and a beta of 2.86. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $356.00. The company’s 50-day moving average price is $313.22 and its 200 day moving average price is $210.88.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Thursday, February 19th. The company reported ($3.50) EPS for the quarter, missing analysts’ consensus estimates of ($3.00) by ($0.50). Research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

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.