Ally Bridge Group NY LLC Reduces Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Ally Bridge Group NY LLC lessened its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 38.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,982 shares of the company’s stock after selling 28,203 shares during the quarter. Praxis Precision Medicines makes up 2.9% of Ally Bridge Group NY LLC’s holdings, making the stock its 15th largest holding. Ally Bridge Group NY LLC owned about 0.24% of Praxis Precision Medicines worth $3,462,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in Praxis Precision Medicines in the 4th quarter worth about $48,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $215,000. Envestnet Asset Management Inc. purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $231,000. Freestone Grove Partners LP bought a new position in Praxis Precision Medicines in the fourth quarter worth approximately $237,000. Finally, Fox Run Management L.L.C. purchased a new position in Praxis Precision Medicines during the 4th quarter worth $246,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $105.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday. Truist Financial cut their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Wedbush lowered shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.33.

Praxis Precision Medicines Stock Up 1.1 %

PRAX opened at $38.06 on Friday. Praxis Precision Medicines, Inc. has a 52 week low of $26.70 and a 52 week high of $91.83. The business’s 50 day moving average is $37.22 and its two-hundred day moving average is $62.37. The firm has a market cap of $767.40 million, a price-to-earnings ratio of -3.70 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $7.48 million for the quarter, compared to analysts’ expectations of $0.36 million. Equities analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Praxis Precision Medicines Company Profile

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.