CIBC Asset Management Inc Increases Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

CIBC Asset Management Inc raised its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 47.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 366,756 shares of the company's stock after buying an additional 117,817 shares during the period. CIBC Asset Management Inc owned about 1.97% of Praxis Precision Medicines worth $28,226,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in Praxis Precision Medicines by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company's stock valued at $450,000 after buying an additional 448 shares during the last quarter. US Bancorp DE increased its holdings in 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 buying an additional 605 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $48,000. Intech Investment Management LLC purchased a new stake in Praxis Precision Medicines during the third quarter valued at approximately $217,000. Finally, Geode Capital Management LLC boosted its position in shares of Praxis Precision Medicines by 1.0% in the third quarter. Geode Capital Management LLC now owns 398,838 shares of the company's stock worth $22,954,000 after purchasing an additional 3,779 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Down 6.3 %

Shares of NASDAQ:PRAX traded down $5.05 during midday trading on Friday, reaching $74.49. 496,979 shares of the company were exchanged, compared to its average volume of 382,908. Praxis Precision Medicines, Inc. has a one year low of $33.01 and a one year high of $91.83. The business's fifty day moving average is $77.41 and its two-hundred day moving average is $69.24. The stock has a market cap of $1.39 billion, a PE ratio of -7.23 and a beta of 2.65.

Wall Street Analysts Forecast Growth

PRAX has been the subject of a number of recent analyst reports. Truist Financial upped their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. HC Wainwright reiterated a "buy" rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Oppenheimer upped their price target 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. Needham & Company LLC reiterated a "buy" rating and issued a $150.00 price target on shares of Praxis Precision Medicines in a research report on Monday, February 10th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a "buy" rating and a $111.00 price target for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $145.20.

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.