So, Deerfield Management – these guys, right? – they bought more Praxis Precision Medicines. 62,500 shares. $11.64 million. It’s just…it’s always something. You think you’re being careful, you diversify, and then this happens. It’s like the universe is actively trying to make you question your life choices. And the quarterly average pricing? Who even uses quarterly averages anymore? It feels… imprecise. Like estimating the temperature of soup by looking at it.
What’s the Big Deal?
Apparently, Deerfield’s PRAX holdings jumped by $221.69 million in one quarter. Just…like that. And now they own 3.4% of Deerfield’s 13F reportable AUM. AUM. It’s just a lot of letters. Like they’re trying to hide something in the alphabet soup. And what is AUM anyway? Assets Under Management? It sounds like a hostage situation. “We have your assets! Under management!”
The Holdings. Oh, the Holdings.
- NASDAQ: NUVL: $1.74 billion (25.4% of AUM) – Fine. Whatever.
- NASDAQ: COGT: $321.24 million (4.7% of AUM) – I don’t even know what that is.
- NASDAQ: PRAX: $266.25 million (3.9% of AUM) – This is the problem, people!
- NYSE: CNC: $265.34 million (3.9% of AUM) – More letters.
- NASDAQ: VTRS: $251.57 million (3.7% of AUM) – Seriously?
And the stock itself? Up 685% in a year. 685%! It’s not sustainable. It’s just…it’s begging for a correction. The S&P 500 is chugging along at a reasonable 19%. Reasonable! That’s what I like. Predictable. Not this…this circus.
The Company, Apparently
Praxis Precision Medicines. They develop therapies for…central nervous system disorders. Okay. Great. More things to worry about. Major depressive disorder, essential tremor, rare epilepsies. It’s like they’re actively seeking out the most unpleasant conditions. They generate revenue through licensing agreements. Licensing. It sounds…shady. And they target healthcare providers and patients. Well, obviously. Who else would they target? Hamsters?
| Metric | Value |
|---|---|
| Price (as of Friday) | $303.37 |
| Market capitalization | $8.7 billion |
| Net income (TTM) | ($303.3 million) |
What Does It All Mean?
They submitted new drug applications. To the FDA. For essential tremor and rare developmental epilepsies. And they’re preparing for Phase 3 readouts. Readouts. Like we’re all waiting for a weather report on human suffering. Management thinks these programs could generate $20 billion in revenue. Twenty billion! It’s just…optimistic. Delusionally optimistic. They have $926 million in cash and investments. And they raised another $621 million. So they can…keep doing this? It’s a vicious cycle.
The long-term investors are hoping for a multi-product neurology franchise. A franchise! Like they’re selling hot dogs, not potentially life-altering medications. There’s going to be volatility. There always is. And the shares will be subject to lofty expectations. Lofty. That’s a good word for a bubble. It’s just…it’s exhausting. I need a nap.
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2026-03-13 17:26