Moody Aldrich Partners LLC Raises Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Moody Aldrich Partners LLC lifted its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 29.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,605 shares of the company’s stock after purchasing an additional 7,224 shares during the quarter. Moody Aldrich Partners LLC owned about 0.18% of Praxis Precision Medicines worth $1,819,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Point72 Asset Management L.P. boosted its position in Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares during the period. RA Capital Management L.P. acquired a new position in Praxis Precision Medicines during the 1st quarter worth $50,548,000. Vanguard Group Inc. increased its holdings in Praxis Precision Medicines by 100.6% during the 1st 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. Price T Rowe Associates Inc. MD purchased a new position in shares of Praxis Precision Medicines in the 1st quarter valued at about $32,707,000. Finally, Kingdon Capital Management L.L.C. increased its stake in shares of Praxis Precision Medicines by 1.0% during the first quarter. Kingdon Capital Management L.L.C. now owns 350,000 shares of the company’s stock worth $21,357,000 after buying an additional 3,335 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Praxis Precision Medicines stock traded down $0.42 during mid-day trading on Thursday, reaching $72.02. 25,892 shares of the company were exchanged, compared to its average volume of 276,355. Praxis Precision Medicines, Inc. has a twelve month low of $13.01 and a twelve month high of $75.73. The firm’s 50-day simple moving average is $60.01 and its two-hundred day simple moving average is $52.38. The firm has a market cap of $1.28 billion, a PE ratio of -7.01 and a beta of 2.73.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($1.74) EPS for the quarter, topping analysts’ consensus estimates of ($2.38) by $0.64. The company had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. As a group, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PRAX shares. Oppenheimer reiterated an “outperform” rating and set a $143.00 price target (up previously from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday, September 4th. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price target on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd. 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. Finally, Guggenheim boosted their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.44.

About Praxis Precision Medicines

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.