Praxis Precision Medicines, Inc. $PRAX is Ally Bridge Group NY LLC's 10th Largest Position

Key Points

• Ally Bridge Group NY LLC increased its stake in Praxis Precision Medicines by 112.5%, now owning approximately $3.62 million worth of the company's stock, making it the 10th largest position in their investment portfolio.
• Analysts have a generally positive outlook on Praxis, with a consensus average target price of $85.88 and seven analysts rating it as a "buy."
• Praxis Precision Medicines has recently reported a negative earnings per share of -$3.31, beating estimates but reflecting ongoing financial challenges as it continues to develop treatments for central nervous system disorders.

Ally Bridge Group NY LLC increased its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 112.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 95,582 shares of the company's stock after purchasing an additional 50,600 shares during the quarter. Praxis Precision Medicines accounts for approximately 3.3% of Ally Bridge Group NY LLC's portfolio, making the stock its 10th biggest position. Ally Bridge Group NY LLC owned about 0.47% of Praxis Precision Medicines worth $3,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $30,000. Graham Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $209,000. Envestnet Asset Management Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $231,000. Freestone Grove Partners LP acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $237,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Praxis Precision Medicines during the 4th quarter worth about $248,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on PRAX shares. Lifesci Capital raised Praxis Precision Medicines to a "strong-buy" rating in a research report on Wednesday. Oppenheimer lifted their target price on Praxis Precision Medicines from $97.00 to $115.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Jefferies Financial Group reissued a "buy" rating on shares of Praxis Precision Medicines in a research report on Tuesday. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. Finally, HC Wainwright reissued a "buy" rating and set a $115.00 price objective (up from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.88.

Praxis Precision Medicines Trading Up 1.6%

PRAX stock traded up $0.76 during trading on Friday, hitting $46.85. 355,258 shares of the company's stock were exchanged, compared to its average volume of 376,708. The business has a 50-day moving average price of $49.46 and a two-hundred day moving average price of $43.15. The stock has a market capitalization of $986.01 million, a price-to-earnings ratio of -3.81 and a beta of 2.61. Praxis Precision Medicines, Inc. has a 52-week low of $26.70 and a 52-week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($3.31) earnings per share for the quarter, topping the consensus estimate of ($3.40) by $0.09. Praxis Precision Medicines had a negative return on equity of 60.07% and a negative net margin of 2,137.48%. On average, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Praxis Precision Medicines 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.