Baker BROS. Advisors LP Purchases 191,572 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Baker BROS. Advisors LP raised its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 145.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 323,105 shares of the company’s stock after purchasing an additional 191,572 shares during the quarter. Baker BROS. Advisors LP owned approximately 1.73% of Praxis Precision Medicines worth $18,591,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc lifted its stake in shares of Praxis Precision Medicines by 29.2% during the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after buying an additional 56,272 shares in the last quarter. Vanguard Group Inc. raised its holdings in Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after acquiring an additional 373,131 shares during the period. Renaissance Technologies LLC lifted its position in shares of Praxis Precision Medicines by 523.2% during the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock worth $3,120,000 after acquiring an additional 63,329 shares in the last quarter. TD Asset Management Inc boosted its holdings in shares of Praxis Precision Medicines by 46.6% in the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after acquiring an additional 16,312 shares during the period. Finally, Moody Aldrich Partners LLC grew its position in shares of Praxis Precision Medicines by 29.6% in the third quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock valued at $1,819,000 after purchasing an additional 7,224 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

Insider Activity

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This represents a 44.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock opened at $80.17 on Monday. Praxis Precision Medicines, Inc. has a fifty-two week low of $14.77 and a fifty-two week high of $86.93. The stock has a market cap of $1.49 billion, a P/E ratio of -7.78 and a beta of 2.67. The firm’s fifty day moving average price is $70.29 and its 200-day moving average price is $56.84.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the company earned ($2.70) EPS. On average, analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of recent research reports. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Guggenheim increased their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.