Ally Bridge Group NY LLC Sells 28,203 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Ally Bridge Group NY LLC reduced its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 38.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,982 shares of the company's stock after selling 28,203 shares during the quarter. Praxis Precision Medicines accounts for 2.9% of Ally Bridge Group NY LLC's portfolio, making the stock its 15th largest position. Ally Bridge Group NY LLC owned about 0.24% of Praxis Precision Medicines worth $3,462,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Praxis Precision Medicines in the 4th quarter valued at about $48,000. KLP Kapitalforvaltning AS bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $215,000. Envestnet Asset Management Inc. bought a new stake in Praxis Precision Medicines during the fourth quarter worth approximately $231,000. Freestone Grove Partners LP acquired a new stake in Praxis Precision Medicines in the fourth quarter worth approximately $237,000. Finally, Fox Run Management L.L.C. bought a new position in Praxis Precision Medicines during the 4th quarter valued at $246,000. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Trading Down 9.7 %

NASDAQ:PRAX traded down $3.79 on Tuesday, hitting $35.17. 478,100 shares of the company's stock traded hands, compared to its average volume of 386,152. The company has a market cap of $716.38 million, a PE ratio of -3.41 and a beta of 2.65. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $91.83. The firm has a 50-day moving average price of $36.09 and a 200-day moving average price of $61.74.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. On average, research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRAX. Robert W. Baird cut their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Wedbush boosted their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday. HC Wainwright restated a "buy" rating and set a $105.00 target price on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price target on shares of Praxis Precision Medicines in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a "buy" rating and a $111.00 price objective for the company. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $120.56.

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.