HighVista Strategies LLC Makes New $630,000 Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

HighVista Strategies LLC bought a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,951 shares of the company's stock, valued at approximately $630,000. HighVista Strategies LLC owned approximately 0.06% of Praxis Precision Medicines as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Baker BROS. Advisors LP increased its stake in Praxis Precision Medicines by 145.6% in the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company's stock worth $18,591,000 after buying an additional 191,572 shares in the last quarter. Fred Alger Management LLC increased its position in Praxis Precision Medicines by 301.7% in the third quarter. Fred Alger Management LLC now owns 10,423 shares of the company's stock worth $600,000 after purchasing an additional 7,828 shares during the last quarter. Walleye Capital LLC purchased a new stake in shares of Praxis Precision Medicines during the 3rd quarter valued at about $3,200,000. MetLife Investment Management LLC lifted its stake in shares of Praxis Precision Medicines by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 10,131 shares of the company's stock valued at $583,000 after purchasing an additional 5,708 shares during the last quarter. Finally, Glenmede Trust Co. NA purchased a new position in Praxis Precision Medicines during the third quarter worth $240,000. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Trading Down 7.4 %

PRAX traded down $5.75 on Tuesday, reaching $72.11. The stock had a trading volume of 250,719 shares, compared to its average volume of 284,969. Praxis Precision Medicines, Inc. has a 12-month low of $14.77 and a 12-month high of $86.93. The company has a market cap of $1.34 billion, a P/E ratio of -7.00 and a beta of 2.67. The business's 50-day moving average price is $70.72 and its two-hundred day moving average price is $57.07.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results 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 return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million for the quarter, compared to analysts' expectations of $0.53 million. During the same period in the prior year, the firm earned ($2.70) EPS. As a group, analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

In related news, General Counsel Alex Nemiroff sold 8,239 shares of the business's stock in a transaction 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 sale, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of the business's stock in a transaction on 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. Insiders own 2.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PRAX. Needham & Company LLC reissued a "buy" rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Guggenheim lifted their target price 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. Wedbush boosted their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a "neutral" rating in a report on Wednesday, August 14th. HC Wainwright restated a "buy" rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Oppenheimer lifted 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 report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.