Eventide Asset Management LLC Acquires Shares of 67,100 Praxis Precision Medicines, Inc. $PRAX

Eventide Asset Management LLC acquired a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 67,100 shares of the company’s stock, valued at approximately $19,777,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rafferty Asset Management LLC grew its holdings in Praxis Precision Medicines by 51.5% during the third quarter. Rafferty Asset Management LLC now owns 37,573 shares of the company’s stock valued at $1,991,000 after purchasing an additional 12,768 shares during the period. Algert Global LLC grew its holdings in Praxis Precision Medicines by 483.3% during the third quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after purchasing an additional 133,248 shares during the period. Vanguard Group Inc. grew its holdings in Praxis Precision Medicines by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock valued at $67,166,000 after purchasing an additional 51,642 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Praxis Precision Medicines during the fourth quarter valued at $977,000. Finally, HighVista Strategies LLC grew its holdings in Praxis Precision Medicines by 41.2% during the third 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 period. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $266.58 on Friday. The company has a market cap of $7.43 billion, a P/E ratio of -19.94 and a beta of 2.71. The stock’s fifty day moving average price is $319.32 and its two-hundred day moving average price is $300.57. Praxis Precision Medicines, Inc. has a 1 year low of $37.19 and a 1 year high of $366.52.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PRAX shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Needham & Company LLC restated a “buy” rating and set a $510.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, April 14th. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. BTIG Research restated a “buy” rating and set a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Finally, HC Wainwright dropped their target price on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a research report on Tuesday, June 2nd. Four research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $572.72.

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.