Candriam S.C.A. Sells 46,962 Shares of Praxis Precision Medicines, Inc. $PRAX

Candriam S.C.A. trimmed its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 42.5% during the first quarter, HoldingsChannel.com reports. The fund owned 63,628 shares of the company’s stock after selling 46,962 shares during the quarter. Candriam S.C.A.’s holdings in Praxis Precision Medicines were worth $20,500,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PRAX. Algert Global LLC lifted its stake in shares of Praxis Precision Medicines by 483.3% in the 3rd quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after acquiring an additional 133,248 shares during the last quarter. HighVista Strategies LLC boosted its stake in shares of Praxis Precision Medicines by 41.2% in the 3rd quarter. HighVista Strategies LLC now owns 95,002 shares of the company’s stock valued at $5,035,000 after purchasing an additional 27,714 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Praxis Precision Medicines during the 4th quarter worth about $977,000. Geode Capital Management LLC increased its holdings in Praxis Precision Medicines by 23.1% in the fourth quarter. Geode Capital Management LLC now owns 562,379 shares of the company’s stock worth $165,783,000 after purchasing an additional 105,347 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Praxis Precision Medicines by 88.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 26,208 shares of the company’s stock valued at $1,389,000 after acquiring an additional 12,270 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

Insider Activity

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the sale, the director owned 2,337 shares in the company, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Needham & Company LLC upped their price target on Praxis Precision Medicines from $537.00 to $575.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Wedbush lowered their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an “underperform” rating on the stock in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a “buy” rating on shares of Praxis Precision Medicines in a research note on Thursday, May 7th. HC Wainwright cut their target price on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a research report on Tuesday, June 2nd. Finally, BTIG Research reiterated a “buy” rating and set a $810.00 price objective (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Four equities research 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 MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $569.63.

Praxis Precision Medicines Trading Down 2.4%

Shares of PRAX stock traded down $8.13 during trading hours on Friday, hitting $324.99. 398,571 shares of the company’s stock were exchanged, compared to its average volume of 583,418. The company has a market capitalization of $9.06 billion, a PE ratio of -24.31 and a beta of 2.74. The business’s 50 day simple moving average is $312.75 and its 200-day simple moving average is $311.60. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.58) by $0.38. Equities analysts anticipate that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current year.

Praxis Precision Medicines 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.