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

Ally Bridge Group NY LLC lessened its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 3.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,379 shares of the company’s stock after selling 6,107 shares during the quarter. Praxis Precision Medicines makes up 3.8% of Ally Bridge Group NY LLC’s portfolio, making the stock its 13th biggest position. Ally Bridge Group NY LLC owned 0.90% of Praxis Precision Medicines worth $6,344,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Amalgamated Bank purchased a new stake in Praxis Precision Medicines in the second quarter worth about $25,000. SG Americas Securities LLC bought a new stake in Praxis Precision Medicines in the 1st quarter worth about $150,000. Chase Investment Counsel Corp bought a new stake in shares of Praxis Precision Medicines in the first quarter worth approximately $229,000. Boulder Hill Capital Management LP purchased a new stake in Praxis Precision Medicines during the 1st quarter valued at $256,000. Finally, BNP Paribas Financial Markets purchased a new stake in Praxis Precision Medicines during the 1st quarter valued at $412,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Down 2.4 %

NASDAQ PRAX opened at $61.51 on Monday. Praxis Precision Medicines, Inc. has a 12 month low of $13.01 and a 12 month high of $67.21. The stock has a market cap of $1.09 billion, a PE ratio of -3.88 and a beta of 2.72. The stock’s 50 day moving average is $55.31 and its 200 day moving average is $50.83.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.38) by $0.64. The firm had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current fiscal year.

Analysts Set New Price Targets

PRAX has been the subject of several research analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $143.00 price objective (up previously from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday, September 4th. Wedbush boosted 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. Piper Sandler reiterated an “overweight” rating and issued a $270.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, July 1st. Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, September 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and a consensus price target of $143.44.

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.