JPMorgan Chase & Co. Grows Position in Praxis Precision Medicines, Inc. $PRAX

JPMorgan Chase & Co. raised its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 88.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,208 shares of the company’s stock after buying an additional 12,270 shares during the quarter. JPMorgan Chase & Co. owned about 0.10% of Praxis Precision Medicines worth $1,389,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Praxis Precision Medicines by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock worth $444,000 after buying an additional 573 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Praxis Precision Medicines by 367.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,081 shares of the company’s stock worth $3,298,000 after buying an additional 68,466 shares in the last quarter. Creative Planning purchased a new stake in shares of Praxis Precision Medicines during the second quarter worth $273,000. Legal & General Group Plc grew its holdings in shares of Praxis Precision Medicines by 15.7% during the second quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock worth $701,000 after buying an additional 2,261 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Praxis Precision Medicines by 12.5% during the second quarter. Rhumbline Advisers now owns 27,341 shares of the company’s stock worth $1,150,000 after buying an additional 3,047 shares in the last quarter. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PRAX shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $412.00 price target on shares of Praxis Precision Medicines in a research report on Friday, February 20th. Needham & Company LLC boosted their price target on shares of Praxis Precision Medicines from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Truist Financial raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, March 25th. Wedbush boosted their price target on shares of Praxis Precision Medicines from $95.00 to $130.00 and gave the company an “underperform” rating in a research report on Friday, February 20th. Finally, Wells Fargo & Company set a $305.00 price target on shares of Praxis Precision Medicines and gave the company an “equal weight” rating in a research report on Friday, February 20th. Four analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $576.12.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $320.22 on Thursday. The firm’s 50-day moving average is $314.22 and its two-hundred day moving average is $240.66. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $356.00. The stock has a market capitalization of $8.92 billion, a P/E ratio of -23.79 and a beta of 2.94.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, February 19th. The company reported ($3.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.00) by ($0.50). As a group, analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 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.