Fred Alger Management LLC Increases Stock Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Fred Alger Management LLC raised its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 301.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,423 shares of the company’s stock after acquiring an additional 7,828 shares during the quarter. Fred Alger Management LLC owned approximately 0.06% of Praxis Precision Medicines worth $600,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Point72 Asset Management L.P. increased its stake in Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after buying an additional 97,561 shares during the period. Vanguard Group Inc. increased its position in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after acquiring an additional 373,131 shares during the period. CIBC Asset Management Inc grew its stake in Praxis Precision Medicines by 29.2% during the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after purchasing an additional 56,272 shares in the last quarter. Marshall Wace LLP increased its holdings in Praxis Precision Medicines by 105.2% during the 2nd quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock worth $10,273,000 after purchasing an additional 127,357 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Praxis Precision Medicines by 188.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 137,052 shares of the company’s stock valued at $7,886,000 after purchasing an additional 89,578 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares in the company, valued at $459,031.14. This trade represents a 48.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % 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 Trading Up 0.9 %

Shares of NASDAQ PRAX opened at $80.17 on Monday. The stock has a market cap of $1.49 billion, a P/E ratio of -7.78 and a beta of 2.67. Praxis Precision Medicines, Inc. has a twelve month low of $14.77 and a twelve month high of $86.93. The stock has a 50 day moving average of $70.29 and a two-hundred day moving average of $56.84.

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

Praxis Precision Medicines Profile

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.