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

MetLife Investment Management LLC lifted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 129.1% in the third quarter, HoldingsChannel reports. The fund owned 10,131 shares of the company’s stock after buying an additional 5,708 shares during the period. MetLife Investment Management LLC’s holdings in Praxis Precision Medicines were worth $583,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PCG Wealth Advisors LLC boosted its position in Praxis Precision Medicines by 35.0% during the second quarter. PCG Wealth Advisors LLC now owns 17,441 shares of the company’s stock valued at $721,000 after buying an additional 4,524 shares during the period. Bank of New York Mellon Corp purchased a new stake in Praxis Precision Medicines during the 2nd quarter valued at about $2,048,000. Hussman Strategic Advisors Inc. bought a new position in Praxis Precision Medicines during the 2nd quarter worth approximately $869,000. Rhumbline Advisers increased its stake in Praxis Precision Medicines by 14,500.0% in the 2nd quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock worth $918,000 after purchasing an additional 22,040 shares during the period. Finally, TD Asset Management Inc lifted its position in Praxis Precision Medicines by 46.6% in the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after purchasing an additional 16,312 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRAX. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Wedbush upped their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Guggenheim boosted their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Oppenheimer upped their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Stock Up 2.5 %

Shares of PRAX stock opened at $69.85 on Friday. The business’s fifty day moving average is $71.74 and its 200 day moving average is $57.63. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -6.78 and a beta of 2.67. Praxis Precision Medicines, Inc. has a twelve month low of $14.77 and a twelve month high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same quarter in the previous year, the business earned ($2.70) earnings per share. Equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now directly owns 5,613 shares in the company, valued at $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the completion of the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Praxis Precision Medicines Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.