Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 29.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 248,939 shares of the company's stock after purchasing an additional 56,272 shares during the quarter. CIBC Asset Management Inc owned about 1.40% of Praxis Precision Medicines worth $14,324,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PRAX. Mesirow Financial Investment Management Inc. purchased a new position in Praxis Precision Medicines in the third quarter worth about $231,000. US Bancorp DE increased its position in shares of Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company's stock valued at $132,000 after acquiring an additional 605 shares in the last quarter. Moody Aldrich Partners LLC raised its holdings in Praxis Precision Medicines by 29.6% in the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company's stock worth $1,819,000 after acquiring an additional 7,224 shares during the last quarter. SG Americas Securities LLC bought a new position in Praxis Precision Medicines in the 3rd quarter valued at approximately $297,000. Finally, Quarry LP purchased a new stake in Praxis Precision Medicines during the 2nd quarter valued at $83,000. Institutional investors own 67.84% of the company's stock.

Insider Activity at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of the 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 sale, the general counsel now directly 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of the company's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares of the company's stock, 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. 2.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on PRAX. Needham & Company LLC reaffirmed a "buy" rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a "neutral" rating in a report on Wednesday, August 14th. Guggenheim increased their price objective 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. Oppenheimer lifted their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Finally, HC Wainwright reissued a "buy" rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and an average target price of $146.33.

Praxis Precision Medicines Trading Down 6.7 %

Shares of PRAX stock traded down $5.12 during trading hours on Friday, reaching $71.76. 552,517 shares of the company's stock were exchanged, compared to its average volume of 300,527. Praxis Precision Medicines, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $86.93. The stock's 50 day moving average is $67.00 and its 200-day moving average is $55.01. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -6.97 and a beta of 2.67.

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

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.