Baker BROS. Advisors LP Has $18.59 Million Stock Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Baker BROS. Advisors LP boosted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 145.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 323,105 shares of the company's stock after purchasing an additional 191,572 shares during the period. Baker BROS. Advisors LP owned about 1.73% of Praxis Precision Medicines worth $18,591,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 373,131 shares during the last quarter. PCG Wealth Advisors LLC lifted its stake in shares of Praxis Precision Medicines by 35.0% during 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 last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth about $2,048,000. Hussman Strategic Advisors Inc. acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth about $869,000. Finally, Rhumbline Advisers raised its stake in Praxis Precision Medicines by 14,500.0% in the 2nd quarter. Rhumbline Advisers now owns 22,192 shares of the company's stock worth $918,000 after purchasing an additional 22,040 shares in the last quarter. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded down $2.31 during midday trading on Monday, hitting $77.86. 159,414 shares of the company traded hands, compared to its average volume of 284,889. Praxis Precision Medicines, Inc. has a 12 month low of $14.77 and a 12 month high of $86.93. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -7.65 and a beta of 2.67. The firm's fifty day moving average price is $70.29 and its 200-day moving average price is $56.84.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share 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 business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. During the same period in the previous year, the firm earned ($2.70) earnings per share. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Activity at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 5,188 shares of the business's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business's stock in a transaction 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 transaction, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRAX has been the subject of several analyst reports. Wedbush lifted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 14th. HC Wainwright restated a "buy" rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Oppenheimer boosted 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 report on Thursday, October 31st. Guggenheim boosted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, August 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines presently has an average rating of "Moderate Buy" and an average price target of $146.33.

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.