Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP increased its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 326.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 219,907 shares of the company’s stock after buying an additional 168,394 shares during the quarter. Wellington Management Group LLP owned about 1.18% of Praxis Precision Medicines worth $12,653,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Amalgamated Bank purchased a new stake in shares of Praxis Precision Medicines during the second quarter valued at approximately $25,000. Quarry LP acquired a new position in Praxis Precision Medicines in the 2nd quarter worth $83,000. US Bancorp DE boosted its position in Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Praxis Precision Medicines during the third quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in shares of Praxis Precision Medicines during the third quarter worth about $231,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX opened at $70.18 on Friday. Praxis Precision Medicines, Inc. has a one year low of $14.77 and a one year high of $86.93. The company has a 50-day simple moving average of $72.65 and a 200-day simple moving average of $58.65. The firm has a market capitalization of $1.31 billion, a PE ratio of -6.81 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The company had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period last year, the company posted ($2.70) earnings per share. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the sale, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’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 transaction, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PRAX has been the subject of a number of recent analyst reports. Oppenheimer raised their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

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.