Perceptive Advisors Makes Praxis Its Largest Holding After Disclosing Big Q4 Buy

The filing underscores a concentrated wager during Praxis’s transition toward FDA review with a multiyear runway.

Overview

A Feb. 17 SEC filing showed Perceptive bought 431,432 Praxis shares in Q4 2025, an estimated $80.34 million transaction.
Perceptive reported a $588.30 million Praxis position at quarter end, equal to 10.8% of AUM and its largest disclosed holding.
Praxis shares closed at $328.04 on Feb. 17, up roughly 320% over the past year.
Praxis has submitted NDAs for ulixacaltamide in essential tremor and for relutrigine in SCN2A and SCN8A developmental and epileptic encephalopathies.
The company ended 2025 with $926 million in cash and investments and raised $621 million in January, extending runway into 2028 as R&D spending reached $267 million and commercialization preparations advanced.