Cormorant Asset Management LP Has $280 Million Stake in Praxis Precision Medicines, Inc. $PRAX

Cormorant Asset Management LP reduced its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 950,000 shares of the company’s stock after selling 50,000 shares during the period. Praxis Precision Medicines makes up approximately 12.9% of Cormorant Asset Management LP’s investment portfolio, making the stock its biggest position. Cormorant Asset Management LP owned about 3.77% of Praxis Precision Medicines worth $280,003,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in PRAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 purchasing an additional 573 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 acquired a new position in shares of Praxis Precision Medicines during the second quarter worth $273,000. JPMorgan Chase & Co. increased its holdings in Praxis Precision Medicines by 21.4% in the second quarter. JPMorgan Chase & Co. now owns 13,938 shares of the company’s stock valued at $586,000 after purchasing an additional 2,459 shares during the period. Finally, Legal & General Group Plc increased its holdings in Praxis Precision Medicines by 15.7% in the second quarter. Legal & General Group Plc now owns 16,670 shares of the company’s stock valued at $701,000 after purchasing an additional 2,261 shares during the period. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $270.01 on Thursday. The company has a market capitalization of $7.53 billion, a P/E ratio of -20.20 and a beta of 2.71. The company has a fifty day moving average of $316.54 and a 200-day moving average of $302.97. Praxis Precision Medicines, Inc. has a 52-week low of $37.19 and a 52-week high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping the consensus estimate of ($3.58) by $0.38. As a group, analysts forecast that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PRAX has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $510.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Robert W. Baird cut their price objective on shares of 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. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. BTIG Research reiterated a “buy” rating and issued a $810.00 price objective (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Wedbush dropped their target price on shares of Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research report on Tuesday, June 2nd. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $566.21.

Praxis Precision Medicines Company Profile

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.