Seven Fleet Capital Management LP Makes New Investment in Praxis Precision Medicines, Inc. $PRAX

Seven Fleet Capital Management LP bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, Holdings Channel reports. The firm bought 2,700 shares of the company’s stock, valued at approximately $796,000.

Other hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in shares of Praxis Precision Medicines by 17.2% during the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock worth $954,834,000 after buying an additional 476,227 shares during the last quarter. Perceptive Advisors LLC increased its stake in Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after acquiring an additional 431,432 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after acquiring an additional 231,827 shares during the last quarter. Vanguard Group Inc. raised its position in Praxis Precision Medicines by 15.3% in the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock valued at $430,595,000 after purchasing an additional 193,647 shares during the period. Finally, Orbis Allan Gray Ltd purchased a new stake in Praxis Precision Medicines in the fourth quarter valued at $369,946,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Trading Up 4.6%

PRAX stock opened at $282.31 on Friday. The company has a market capitalization of $7.87 billion, a PE ratio of -21.12 and a beta of 2.71. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52. The business’s fifty day moving average price is $316.05 and its 200 day moving average price is $303.57.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. Research analysts predict that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Robert W. Baird reduced 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 report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $374.00 target price (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Raymond James Financial started coverage on shares of Praxis Precision Medicines in a research note on Friday, April 10th. They set a “strong-buy” rating and a $815.00 target price for the company. Finally, HC Wainwright reduced their price target on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research note on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $566.21.

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.