CIBC Asset Management Inc Grows Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

CIBC Asset Management Inc raised its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 29.2% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 248,939 shares of the company’s stock after buying an additional 56,272 shares during the period. CIBC Asset Management Inc’s holdings in Praxis Precision Medicines were worth $14,324,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at about $25,000. US Bancorp DE increased its stake in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares in the last quarter. Quarry LP purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at about $83,000. SG Americas Securities LLC purchased a new position in shares of Praxis Precision Medicines in the 1st quarter valued at about $150,000. Finally, Kingdon Capital Management L.L.C. boosted its holdings in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after buying an additional 3,335 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Insider Transactions at Praxis Precision Medicines

In other news, 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the sale, the insider now directly owns 5,613 shares in the company, valued at $459,031.14. This represents 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 Down 6.7 %

Shares of NASDAQ PRAX opened at $71.76 on Friday. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -6.97 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 52-week low of $13.98 and a 52-week high of $86.93. The business’s 50 day moving average is $67.00 and its two-hundred day moving average is $55.01.

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

Analyst Ratings Changes

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

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.