Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc raised its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 47.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 366,756 shares of the company’s stock after acquiring an additional 117,817 shares during the quarter. CIBC Asset Management Inc owned approximately 1.97% of Praxis Precision Medicines worth $28,226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRAX. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth approximately $48,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth $304,000. Ellsworth Advisors LLC purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $627,000. Assenagon Asset Management S.A. boosted its stake in shares of Praxis Precision Medicines by 5,437.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after acquiring an additional 548,986 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Praxis Precision Medicines by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company’s stock worth $450,000 after purchasing an additional 448 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Truist Financial boosted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a report on Monday, February 10th. Oppenheimer upped their target price 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. Finally, Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $145.20.

Praxis Precision Medicines Stock Performance

Shares of PRAX opened at $90.77 on Tuesday. The company has a market capitalization of $1.69 billion, a P/E ratio of -8.81 and a beta of 2.65. The stock has a 50-day moving average price of $76.86 and a 200 day moving average price of $68.78. Praxis Precision Medicines, Inc. has a one year low of $33.01 and a one year high of $91.83.

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.