CIBC Asset Management Inc Acquires 56,272 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

CIBC Asset Management Inc lifted its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 29.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 248,939 shares of the company’s stock after acquiring an additional 56,272 shares during the period. CIBC Asset Management Inc owned 1.40% of Praxis Precision Medicines worth $14,324,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PRAX. BNP Paribas Financial Markets bought a new position in shares of Praxis Precision Medicines in the first quarter worth about $412,000. SG Americas Securities LLC bought a new position in Praxis Precision Medicines during the first quarter valued at approximately $150,000. Vanguard Group Inc. boosted its stake in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares during the last quarter. Boulder Hill Capital Management LP bought a new position in Praxis Precision Medicines during the first quarter valued at approximately $256,000. Finally, StemPoint Capital LP bought a new position in Praxis Precision Medicines during the first quarter valued at approximately $1,641,000. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX opened at $71.76 on Friday. The business’s 50 day moving average price is $67.00 and its 200-day moving average price is $55.01. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -6.97 and a beta of 2.67. Praxis Precision Medicines, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The company had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period last year, the business posted ($2.70) EPS. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Oppenheimer increased their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Wedbush increased their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $146.33.

Insider Buying and Selling at Praxis Precision Medicines

In other news, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the sale, the insider now owns 5,613 shares of the company’s stock, valued at $459,031.14. This trade represents a 48.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the firm’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 completion of the sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. 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.