Allspring Global Investments Holdings LLC Buys Shares of 1,732 Praxis Precision Medicines, Inc. $PRAX

Allspring Global Investments Holdings LLC bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,732 shares of the company’s stock, valued at approximately $496,000.

A number of other large investors have also recently modified their holdings of PRAX. Woodline Partners LP boosted its holdings in shares of Praxis Precision Medicines by 808.9% in the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after purchasing an additional 371,717 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of 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 purchasing an additional 231,827 shares in the last quarter. Deerfield Management Company L.P. boosted its holdings in shares of Praxis Precision Medicines by 22.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock valued at $44,565,000 after purchasing an additional 153,920 shares in the last quarter. Algert Global LLC boosted its holdings in shares of Praxis Precision Medicines by 483.3% in the 3rd quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after purchasing an additional 133,248 shares in the last quarter. Finally, Readystate Asset Management LP acquired a new stake in shares of Praxis Precision Medicines in the 3rd quarter valued at $5,786,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Citigroup reaffirmed a “conviction-buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, December 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $412.00 target price on shares of Praxis Precision Medicines in a report on Friday, February 20th. Robert W. Baird set a $433.00 price objective on Praxis Precision Medicines and gave the company an “outperform” rating in a report on Friday, February 20th. Oppenheimer reissued an “outperform” rating and set a $750.00 price objective (up from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Finally, UBS Group set a $750.00 price objective on Praxis Precision Medicines in a report on Monday, December 15th. Five research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $589.39.

Praxis Precision Medicines Stock Down 1.3%

NASDAQ PRAX opened at $316.14 on Friday. Praxis Precision Medicines, Inc. has a twelve month low of $28.12 and a twelve month high of $356.00. The company has a market cap of $8.80 billion, a price-to-earnings ratio of -23.49 and a beta of 2.94. The business’s fifty day moving average is $314.38 and its 200 day moving average is $244.43.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Thursday, February 19th. The company reported ($3.50) earnings per share for the quarter, missing the consensus estimate of ($3.00) by ($0.50). On average, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

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.