Fred Alger Management LLC Buys 7,828 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Fred Alger Management LLC grew its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 301.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 10,423 shares of the company's stock after purchasing an additional 7,828 shares during the period. Fred Alger Management LLC owned about 0.06% of Praxis Precision Medicines worth $600,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Praxis Precision Medicines by 100.6% during the first 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 in the last quarter. Marshall Wace LLP boosted its holdings in Praxis Precision Medicines by 105.2% during the 2nd quarter. Marshall Wace LLP now owns 248,381 shares of the company's stock worth $10,273,000 after acquiring an additional 127,357 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company's stock worth $43,498,000 after acquiring an additional 97,561 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Praxis Precision Medicines by 188.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 137,052 shares of the company's stock valued at $7,886,000 after purchasing an additional 89,578 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Praxis Precision Medicines by 523.2% during the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company's stock valued at $3,120,000 after purchasing an additional 63,329 shares in the last quarter. 67.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the sale, the general counsel now directly owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 of the company's stock, valued at $459,031.14. This trade represents a 48.03 % 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.

Praxis Precision Medicines Trading Down 2.9 %

Shares of PRAX stock traded down $2.31 during trading on Monday, reaching $77.86. 159,415 shares of the company's stock traded hands, compared to its average volume of 285,117. The firm's 50-day moving average is $70.29 and its 200 day moving average is $56.84. The company has a market capitalization of $1.45 billion, a P/E ratio of -7.65 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 1 year low of $14.77 and a 1 year high of $86.93.

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 (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 analysts' expectations 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 in the prior year, the company earned ($2.70) EPS. As a group, sell-side analysts predict 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 subject of several analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, August 14th. HC Wainwright reiterated a "buy" rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Wedbush increased their price target 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. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Praxis Precision Medicines has an average rating of "Moderate Buy" and an average 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.