Fifth Third Bancorp Acquires New Holdings in Praxis Precision Medicines, Inc. $PRAX

Fifth Third Bancorp bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,589 shares of the company’s stock, valued at approximately $1,156,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRAX. NBC Securities Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter valued at $38,000. Danske Bank A S acquired a new stake in Praxis Precision Medicines during the 4th quarter worth approximately $59,000. GAMMA Investing LLC raised its stake in shares of Praxis Precision Medicines by 58.7% during the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the last quarter. Tower Research Capital LLC TRC raised its stake 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 acquiring an additional 359 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Praxis Precision Medicines by 60.0% in the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company’s stock worth $108,000 after purchasing an additional 138 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the transaction, the director owned 2,337 shares in the company, valued at $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on PRAX shares. Robert W. Baird reduced their price target on Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 2nd. Truist Financial set a $616.00 price objective on Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. TD Cowen reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a report on Wednesday, May 27th. Finally, Wedbush reduced their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average price target of $563.50.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $325.30 on Friday. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of -24.33 and a beta of 2.74. The business’s 50-day moving average is $308.80 and its 200-day moving average is $313.77. Praxis Precision Medicines, Inc. has a 1 year low of $37.19 and a 1 year high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping the consensus estimate of ($3.58) by $0.38. Analysts anticipate that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current 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.