Renaissance Technologies LLC Purchases 63,329 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Renaissance Technologies LLC grew its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 523.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 75,433 shares of the company’s stock after purchasing an additional 63,329 shares during the quarter. Renaissance Technologies LLC owned about 0.44% of Praxis Precision Medicines worth $3,120,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at $150,000. Kingdon Capital Management L.L.C. grew its position in Praxis Precision Medicines by 1.0% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock valued at $21,357,000 after purchasing an additional 3,335 shares during the period. Chase Investment Counsel Corp acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at $229,000. Boulder Hill Capital Management LP acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at $256,000. Finally, PCG Wealth Advisors LLC grew its position in Praxis Precision Medicines by 35.0% in the 2nd quarter. PCG Wealth Advisors LLC now owns 17,441 shares of the company’s stock valued at $721,000 after purchasing an additional 4,524 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $57.83 on Monday. Praxis Precision Medicines, Inc. has a 52-week low of $13.01 and a 52-week high of $67.21. The stock’s 50-day simple moving average is $55.73 and its 200 day simple moving average is $50.88. The stock has a market capitalization of $1.03 billion, a P/E ratio of -3.65 and a beta of 2.72.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.38) by $0.64. The business had revenue of $0.36 million during the quarter, compared to analyst estimates of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a report on Monday, July 1st. Guggenheim lifted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Oppenheimer reiterated an “outperform” rating and set a $143.00 target price (up from $134.00) on shares of Praxis Precision Medicines in a research note on Wednesday, September 4th. Finally, Wedbush lifted their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average target price of $143.44.

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.