Jacobs Levy Equity Management Inc. Sells 23,362 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Jacobs Levy Equity Management Inc. reduced its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 36.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 39,999 shares of the company’s stock after selling 23,362 shares during the period. Jacobs Levy Equity Management Inc. owned 0.21% of Praxis Precision Medicines worth $2,302,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in Praxis Precision Medicines by 37.2% in the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after acquiring an additional 141,881 shares during the period. HighVista Strategies LLC bought a new stake in Praxis Precision Medicines in the 3rd quarter valued at about $630,000. Baker BROS. Advisors LP raised its stake in Praxis Precision Medicines by 145.6% in the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after acquiring an additional 191,572 shares during the period. Fred Alger Management LLC raised its stake in Praxis Precision Medicines by 301.7% in the 3rd quarter. Fred Alger Management LLC now owns 10,423 shares of the company’s stock valued at $600,000 after acquiring an additional 7,828 shares during the period. Finally, Walleye Capital LLC bought a new stake in Praxis Precision Medicines in the 3rd quarter valued at about $3,200,000. 67.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Praxis Precision Medicines Trading Up 2.5 %

Shares of NASDAQ PRAX opened at $69.85 on Friday. Praxis Precision Medicines, Inc. has a 12 month low of $14.77 and a 12 month high of $86.93. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -6.78 and a beta of 2.67. The business has a 50-day moving average of $71.74 and a 200-day moving average of $57.63.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) 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 for the quarter, compared to analysts’ expectations of $0.53 million. During the same period in the previous year, the firm posted ($2.70) EPS. On average, analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction that occurred 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 sale, the general counsel now owns 10,301 shares of the company’s stock, valued at $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the company’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 value of $424,274.64. Following the completion of the sale, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

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.