Baker BROS. Advisors LP Purchases 191,572 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Baker BROS. Advisors LP raised its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 145.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 323,105 shares of the company’s stock after buying an additional 191,572 shares during the period. Baker BROS. Advisors LP’s holdings in Praxis Precision Medicines were worth $18,591,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after purchasing an additional 373,131 shares during the period. PCG Wealth Advisors LLC lifted its holdings 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 worth $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 in the 2nd quarter worth approximately $2,048,000. Hussman Strategic Advisors Inc. bought a new stake in shares of Praxis Precision Medicines in the 2nd quarter worth approximately $869,000. Finally, Rhumbline Advisers increased its stake in shares of Praxis Precision Medicines by 14,500.0% during the second quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock valued at $918,000 after buying an additional 22,040 shares during the period. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $80.17 on Monday. Praxis Precision Medicines, Inc. has a fifty-two week low of $14.77 and a fifty-two week high of $86.93. The firm’s 50-day simple moving average is $70.29 and its two-hundred day simple moving average is $56.84. The stock has a market cap of $1.49 billion, a PE ratio of -7.78 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the firm earned ($2.70) earnings per share. Equities research analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction that occurred 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 owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. The trade was a 48.03 % 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.

Analyst Ratings Changes

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

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.