Ally Bridge Group NY LLC Acquires 12,928 Shares of Praxis Precision Medicines, Inc. $PRAX

Ally Bridge Group NY LLC grew its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 65.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,810 shares of the company's stock after acquiring an additional 12,928 shares during the period. Praxis Precision Medicines comprises approximately 8.5% of Ally Bridge Group NY LLC's portfolio, making the stock its largest position. Ally Bridge Group NY LLC owned 0.12% of Praxis Precision Medicines worth $10,571,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Parallel Advisors LLC grew its stake in Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company's stock worth $40,000 after purchasing an additional 120 shares in the last quarter. NBC Securities Inc. purchased a new stake in Praxis Precision Medicines during the 4th quarter worth about $38,000. Danske Bank A S acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at about $59,000. GAMMA Investing LLC raised its position in Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company's stock valued at $70,000 after purchasing an additional 88 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Praxis Precision Medicines by 60.0% in the 4th quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock valued at $108,000 after buying an additional 138 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Down 6.3%

Shares of Praxis Precision Medicines stock opened at $295.81 on Wednesday. The company has a fifty day simple moving average of $308.21 and a 200-day simple moving average of $314.35. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of -22.12 and a beta of 2.74. Praxis Precision Medicines, Inc. has a 12-month low of $37.19 and a 12-month high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, beating analysts' consensus estimates of ($3.58) by $0.38. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -14.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

PRAX has been the subject of a number of analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Royal Bank Of Canada began coverage on shares of Praxis Precision Medicines in a report on Wednesday, June 17th. They issued an "outperform" rating and a $449.00 target price on the stock. TD Cowen reiterated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $374.00 price target (down from $420.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, HC Wainwright dropped their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating on the stock in a research report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Praxis Precision Medicines currently has an average rating of "Moderate Buy" and a consensus target price of $563.50.

Insider Transactions at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the transaction, the director owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by corporate insiders.

Praxis Precision Medicines Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company's pipeline includes several lead candidates at various stages of development.

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