E Fund Management Co. Ltd. purchased a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,564 shares of the company’s stock, valued at approximately $51,000.
A number of other hedge funds also recently bought and sold shares of the business. New York State Common Retirement Fund grew its stake in Praxis Precision Medicines by 22.1% in the first quarter. New York State Common Retirement Fund now owns 10,500 shares of the company’s stock valued at $344,000 after purchasing an additional 1,900 shares in the last quarter. Rafferty Asset Management LLC bought a new position in Praxis Precision Medicines in the first quarter valued at approximately $1,232,000. BlackRock Inc. grew its stake in Praxis Precision Medicines by 0.9% in the first quarter. BlackRock Inc. now owns 1,208,051 shares of the company’s stock valued at $39,577,000 after purchasing an additional 10,655 shares in the last quarter. Rhumbline Advisers grew its stake in Praxis Precision Medicines by 5.0% in the first quarter. Rhumbline Advisers now owns 10,589 shares of the company’s stock valued at $347,000 after purchasing an additional 504 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in Praxis Precision Medicines by 28.1% in the first quarter. Alliancebernstein L.P. now owns 891,553 shares of the company’s stock valued at $29,207,000 after purchasing an additional 195,301 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.
PRAX has been the subject of a number of analyst reports. Zacks Investment Research upgraded Praxis Precision Medicines from a “sell” rating to a “hold” rating in a research note on Wednesday, May 19th. William Blair initiated coverage on Praxis Precision Medicines in a research report on Monday, May 3rd. They issued an “outperform” rating for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $60.33.
Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Tuesday, May 11th. The company reported ($0.71) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.74) by $0.03. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -2.96 earnings per share for the current year.
Praxis Precision Medicines Company Profile
Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.
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