Wellington Management Group LLP Buys 168,394 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Wellington Management Group LLP boosted its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 326.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 219,907 shares of the company's stock after buying an additional 168,394 shares during the quarter. Wellington Management Group LLP owned approximately 1.18% of Praxis Precision Medicines worth $12,653,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRAX. Point72 Asset Management L.P. increased its stake in shares of Praxis Precision Medicines by 10.2% in the second 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 during the period. Janus Henderson Group PLC grew its holdings in Praxis Precision Medicines by 37.2% in the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company's stock valued at $30,079,000 after buying an additional 141,881 shares during the last quarter. Baker BROS. Advisors LP grew its holdings 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 valued at $18,591,000 after buying an additional 191,572 shares during the last quarter. CIBC Asset Management Inc increased its position in Praxis Precision Medicines by 29.2% in the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company's stock worth $14,324,000 after buying an additional 56,272 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of 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 buying an additional 127,357 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRAX. Oppenheimer raised 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 note on Thursday, October 31st. Needham & Company LLC restated a "buy" rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, HC Wainwright restated a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $146.33.

Praxis Precision Medicines Trading Down 1.2 %

NASDAQ PRAX traded down $0.82 on Friday, reaching $70.18. The company's stock had a trading volume of 186,848 shares, compared to its average volume of 282,721. Praxis Precision Medicines, Inc. has a 52 week low of $14.77 and a 52 week high of $86.93. The firm has a market cap of $1.31 billion, a PE ratio of -6.81 and a beta of 2.67. The business has a 50-day moving average price of $72.65 and a 200 day moving average price of $58.65.

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

Insider Buying and Selling at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines 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 completion of the sale, the general counsel now directly owns 10,301 shares of the company's stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of the business's stock in a transaction that occurred 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 sale, the insider now directly owns 5,613 shares of the company's stock, valued at approximately $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. Company insiders own 2.70% of the company's stock.

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.