Alyeska Investment Group L.P. Cuts Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Alyeska Investment Group L.P. reduced its stake in Praxis Precision Medicines by 33.9%, owning 150,000 shares worth approximately $5.68 million as of its latest SEC filing.
• Other institutional investors, including Adage Capital Partners and Driehaus Capital Management, have significantly increased their holdings in Praxis Precision Medicines during the same quarter.
• Praxis Precision Medicines reported earnings of ($3.31) per share, beating consensus estimates and currently has a consensus price target of $85.88 from analysts.

Alyeska Investment Group L.P. decreased its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 33.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,000 shares of the company's stock after selling 76,788 shares during the period. Alyeska Investment Group L.P. owned about 0.74% of Praxis Precision Medicines worth $5,680,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRAX. Adage Capital Partners GP L.L.C. grew its position in Praxis Precision Medicines by 188.1% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,742,758 shares of the company's stock worth $65,998,000 after purchasing an additional 1,137,748 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock worth $71,621,000 after buying an additional 405,957 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Praxis Precision Medicines by 192.0% in the first quarter. Driehaus Capital Management LLC now owns 481,598 shares of the company's stock worth $18,238,000 after acquiring an additional 316,686 shares during the period. VR Adviser LLC grew its holdings in shares of Praxis Precision Medicines by 40.2% in the fourth quarter. VR Adviser LLC now owns 989,985 shares of the company's stock worth $76,189,000 after acquiring an additional 283,854 shares during the period. Finally, Millennium Management LLC increased its position in Praxis Precision Medicines by 3,519.4% during the fourth quarter. Millennium Management LLC now owns 150,892 shares of the company's stock valued at $11,613,000 after acquiring an additional 146,723 shares during the last quarter. Hedge funds and other institutional investors own 67.84% of the company's stock.

Analyst Ratings Changes

PRAX has been the topic of several research reports. Needham & Company LLC reissued a "buy" rating and issued a $80.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, June 12th. HC Wainwright reiterated a "buy" rating and issued a $115.00 price target (up from $105.00) on shares of Praxis Precision Medicines in a research report on Tuesday, August 5th. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, July 29th. Lifesci Capital upgraded Praxis Precision Medicines to a "strong-buy" rating in a research note on Wednesday, September 3rd. Finally, Jefferies Financial Group restated a "buy" rating on shares of Praxis Precision Medicines in a research note on Tuesday, September 2nd. One 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $85.88.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded down $0.81 during trading hours on Thursday, hitting $39.42. The company's stock had a trading volume of 242,551 shares, compared to its average volume of 394,647. The company has a market cap of $829.79 million, a PE ratio of -3.21 and a beta of 2.61. The business has a 50 day moving average price of $49.09 and a two-hundred day moving average price of $42.44. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported ($3.31) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.40) by $0.09. Praxis Precision Medicines had a negative net margin of 2,137.48% and a negative return on equity of 60.07%. As a group, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current 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.