Jacobs Levy Equity Management Inc. Cuts Holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Jacobs Levy Equity Management Inc. lessened its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 36.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,999 shares of the company's stock after selling 23,362 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.21% of Praxis Precision Medicines worth $2,302,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Point72 Asset Management L.P. grew its position in 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 purchasing an additional 97,561 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Praxis Precision Medicines by 37.2% in the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company's stock worth $30,079,000 after buying an additional 141,881 shares during the last quarter. Baker BROS. Advisors LP grew its holdings in shares of Praxis Precision Medicines by 145.6% in the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company's stock valued at $18,591,000 after acquiring an additional 191,572 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company's stock valued at $14,324,000 after acquiring an additional 56,272 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Praxis Precision Medicines by 105.2% during the second 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 period. Hedge funds and other institutional investors own 67.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Needham & Company LLC restated a "buy" rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. HC Wainwright restated a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Guggenheim lifted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. Oppenheimer increased 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. Finally, Wedbush raised their price target 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. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $146.33.

Praxis Precision Medicines Stock Up 2.5 %

PRAX traded up $1.72 on Friday, hitting $69.85. The company's stock had a trading volume of 217,113 shares, compared to its average volume of 331,499. Praxis Precision Medicines, Inc. has a 12 month low of $14.77 and a 12 month high of $86.93. The firm has a market cap of $1.30 billion, a P/E ratio of -6.78 and a beta of 2.67. The company's 50 day simple moving average is $71.74 and its 200-day simple moving average is $57.72.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the previous year, the business earned ($2.70) earnings per share. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

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 firm'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 completion of the transaction, the insider now directly owns 5,613 shares of the company's stock, valued at approximately $459,031.14. The trade was 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 Company 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.