The Manufacturers Life Insurance Company Lowers Stock Position in Praxis Precision Medicines, Inc. $PRAX

The Manufacturers Life Insurance Company lessened its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 9.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,093 shares of the company’s stock after selling 3,198 shares during the period. The Manufacturers Life Insurance Company owned 0.11% of Praxis Precision Medicines worth $9,696,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRAX. Janus Henderson Group PLC lifted its position in 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 valued at $954,834,000 after acquiring an additional 476,227 shares during the period. Perceptive Advisors LLC increased its stake in shares of Praxis Precision Medicines by 27.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock valued at $588,297,000 after purchasing an additional 431,432 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 valued at $83,031,000 after purchasing an additional 231,827 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines by 15.3% during 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 last quarter. Finally, Orbis Allan Gray Ltd bought a new stake in shares of Praxis Precision Medicines in the 4th quarter worth approximately $369,946,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Down 0.8%

PRAX stock opened at $305.51 on Tuesday. The stock’s 50 day simple moving average is $304.99 and its 200 day simple moving average is $314.86. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52. The stock has a market capitalization of $8.52 billion, a PE ratio of -22.85 and a beta of 2.78.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. On average, research analysts predict that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current year.

Wall Street Analyst Weigh In

PRAX has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research note on Wednesday, May 27th. Jefferies Financial Group reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Truist Financial set a $616.00 target price on Praxis Precision Medicines and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Needham & Company LLC raised their price target on Praxis Precision Medicines from $537.00 to $575.00 and gave the company a “buy” rating in a report on Monday, June 29th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $563.50.

Insider Activity at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction dated 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 directly 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 Securities & Exchange Commission, 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 company insiders.

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.