Verition Fund Management LLC Boosts Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Verition Fund Management LLC lifted its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAXGet Rating) by 11.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,374 shares of the company’s stock after buying an additional 24,081 shares during the period. Verition Fund Management LLC’s holdings in Praxis Precision Medicines were worth $2,413,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new stake in Praxis Precision Medicines during the 1st quarter worth $139,000. Eventide Asset Management LLC boosted its stake in Praxis Precision Medicines by 15.3% during the 1st quarter. Eventide Asset Management LLC now owns 4,395,000 shares of the company’s stock worth $44,873,000 after purchasing an additional 584,401 shares during the period. Goldman Sachs Group Inc. boosted its stake in Praxis Precision Medicines by 83.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 139,550 shares of the company’s stock worth $1,425,000 after purchasing an additional 63,664 shares during the period. State Street Corp boosted its stake in Praxis Precision Medicines by 9.9% during the 1st quarter. State Street Corp now owns 1,393,386 shares of the company’s stock worth $14,226,000 after purchasing an additional 125,571 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Praxis Precision Medicines by 448.1% during the 1st quarter. Renaissance Technologies LLC now owns 71,800 shares of the company’s stock worth $733,000 after purchasing an additional 58,700 shares during the period. 94.54% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Down 7.3 %

PRAX stock opened at $2.65 on Friday. The company has a market capitalization of $120.79 million, a P/E ratio of -0.52 and a beta of 3.19. The company has a 50-day simple moving average of $3.53 and a 200 day simple moving average of $6.37. Praxis Precision Medicines, Inc. has a fifty-two week low of $1.63 and a fifty-two week high of $23.56.

Praxis Precision Medicines (NASDAQ:PRAXGet Rating) last issued its quarterly earnings results on Monday, August 8th. The company reported ($1.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.02). Equities analysts anticipate that Praxis Precision Medicines, Inc. will post -4.47 EPS for the current year.

Wall Street Analyst Weigh In

PRAX has been the subject of a number of recent research reports. HC Wainwright decreased their price target on shares of Praxis Precision Medicines from $48.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, June 7th. Bank of America downgraded shares of Praxis Precision Medicines from a “buy” rating to a “neutral” rating and set a $4.00 target price for the company. in a report on Tuesday, June 7th. Wedbush lowered shares of Praxis Precision Medicines from an “outperform” rating to a “neutral” rating and set a $4.00 price target for the company. in a research note on Monday, June 6th. Finally, Piper Sandler lowered their target price on shares of Praxis Precision Medicines from $65.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, June 7th.

About Praxis Precision Medicines

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Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

Further Reading

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Institutional Ownership by Quarter for Praxis Precision Medicines (NASDAQ:PRAX)

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