Charles Schwab Investment Management Inc. Boosts Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Charles Schwab Investment Management Inc. lifted its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 188.7% in the third quarter, HoldingsChannel.com reports. The firm owned 137,052 shares of the company’s stock after purchasing an additional 89,578 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Praxis Precision Medicines were worth $7,886,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PRAX. Bank of New York Mellon Corp purchased a new position in shares of Praxis Precision Medicines during the second quarter valued at approximately $2,048,000. Hussman Strategic Advisors Inc. bought a new stake in Praxis Precision Medicines in the 2nd quarter worth approximately $869,000. Rhumbline Advisers boosted its stake in shares of Praxis Precision Medicines by 14,500.0% during the 2nd quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock worth $918,000 after acquiring an additional 22,040 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of Praxis Precision Medicines by 46.6% during the 2nd quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after buying an additional 16,312 shares in the last quarter. Finally, Ovata Capital Management Ltd lifted its stake in Praxis Precision Medicines by 100.0% in the 2nd quarter. Ovata Capital Management Ltd now owns 40,000 shares of the company’s stock worth $1,654,000 after purchasing an additional 20,000 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Price Performance

Shares of PRAX stock opened at $69.90 on Wednesday. The business’s fifty day moving average price is $71.92 and its 200 day moving average price is $57.99. Praxis Precision Medicines, Inc. has a 1-year low of $14.77 and a 1-year high of $86.93. The firm has a market capitalization of $1.30 billion, a PE ratio of -6.88 and a beta of 2.67.

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

Analysts Set New Price Targets

PRAX has been the topic of several analyst reports. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Wedbush increased their target price 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 set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Guggenheim upped their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Oppenheimer increased their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average price target of $146.33.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines 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 transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the firm’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 in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

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.