Arizona State Retirement System Purchases Shares of 5,417 Praxis Precision Medicines, Inc. $PRAX

Arizona State Retirement System purchased a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,417 shares of the company’s stock, valued at approximately $287,000.

A number of other large investors have also recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in Praxis Precision Medicines by 88.3% in the 2nd 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 grew its position 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 acquiring an additional 676 shares during the period. Tower Research Capital LLC TRC grew its holdings in 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 during the period. Coastal Bridge Advisors LLC bought a new position in shares of Praxis Precision Medicines during the 3rd quarter worth $204,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Praxis Precision Medicines during the third quarter worth about $207,000. 67.84% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PRAX shares. UBS Group set a $750.00 price objective on Praxis Precision Medicines in a research note on Monday, December 15th. Wells Fargo & Company assumed coverage on shares of Praxis Precision Medicines in a research report on Monday, February 2nd. They set an “equal weight” rating and a $282.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $313.00 target price on Praxis Precision Medicines in a research report on Friday, December 12th. BTIG Research reissued a “buy” rating and issued a $843.00 target price (up previously from $507.00) on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Finally, Oppenheimer restated an “outperform” rating and set a $750.00 target price (up from $250.00) on shares of Praxis Precision Medicines in a report on Monday, December 15th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $536.06.

Praxis Precision Medicines Stock Performance

PRAX stock opened at $320.48 on Wednesday. The firm has a 50 day moving average price of $287.32 and a 200-day moving average price of $164.66. Praxis Precision Medicines, Inc. has a 52-week low of $26.70 and a 52-week high of $328.60. The firm has a market capitalization of $8.07 billion, a price-to-earnings ratio of -24.84 and a beta of 2.84.

Praxis Precision Medicines 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.