Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Stock Holdings Lifted by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 6.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 7,814 shares of the company’s stock after purchasing an additional 448 shares during the period. JPMorgan Chase & Co.’s holdings in Praxis Precision Medicines were worth $450,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at $25,000. US Bancorp DE lifted its stake in Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares in the last quarter. Quarry LP purchased a new stake in Praxis Precision Medicines in the 2nd quarter worth about $83,000. Intech Investment Management LLC acquired a new stake in Praxis Precision Medicines during the 3rd quarter worth about $217,000. Finally, Geode Capital Management LLC grew its stake in Praxis Precision Medicines by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock valued at $22,954,000 after acquiring an additional 3,779 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several research firms recently commented on PRAX. Truist Financial raised their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Oppenheimer boosted their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.11.

Praxis Precision Medicines Trading Up 2.8 %

NASDAQ PRAX opened at $75.36 on Wednesday. The company has a market cap of $1.40 billion, a P/E ratio of -7.32 and a beta of 2.66. The company has a fifty day simple moving average of $74.22 and a 200 day simple moving average of $66.03. Praxis Precision Medicines, Inc. has a 1 year low of $33.01 and a 1 year high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data 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). The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter in the previous year, the business posted ($2.70) EPS. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Praxis Precision Medicines Company 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.