Praxis Precision Medicines, Inc. $PRAX is Velan Capital Investment Management LP's Largest Position

Key Points

• Velan Capital remains Praxis Precision Medicines’ largest institutional holder, with 88,781 shares worth about $29.7 million, despite trimming its position by 11.9% in the second quarter. Institutional investors collectively own 67.84% of PRAX.
• Praxis reported a quarterly loss of $2.87 per share, beating analysts’ expected loss of $3.67. The stock opened at $353.44, with a market capitalization of approximately $9.87 billion.
• Analyst sentiment remains broadly positive: PRAX has a consensus “Buy” rating and an average price target of $585.95, although director Jill Desimone sold 11,600 shares under a pre-arranged trading plan.

Velan Capital Investment Management LP trimmed its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 11.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,781 shares of the company's stock after selling 12,000 shares during the quarter. Praxis Precision Medicines comprises approximately 18.0% of Velan Capital Investment Management LP's portfolio, making the stock its biggest position. Velan Capital Investment Management LP owned approximately 0.32% of Praxis Precision Medicines worth $29,723,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Orbis Allan Gray Ltd purchased a new stake in shares of Praxis Precision Medicines during the 4th quarter worth approximately $369,946,000. Janus Henderson Group PLC grew its position in shares of Praxis Precision Medicines by 17.2% in the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company's stock valued at $954,834,000 after buying an additional 476,227 shares during the last quarter. Barclays PLC grew its position in shares of Praxis Precision Medicines by 592.6% in the 4th quarter. Barclays PLC now owns 530,751 shares of the company's stock valued at $156,434,000 after buying an additional 454,114 shares during the last quarter. Baker BROS. Advisors LP raised its stake in Praxis Precision Medicines by 63.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company's stock worth $332,021,000 after acquiring an additional 437,000 shares in the last quarter. Finally, Perceptive Advisors LLC raised its stake in Praxis Precision Medicines by 27.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company's stock worth $588,297,000 after acquiring an additional 431,432 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of the company'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 completion of the sale, the director directly owned 2,337 shares of the company's stock, valued at $727,554.84. This represents a 83.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by company insiders.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock opened at $353.44 on Wednesday. The company has a market capitalization of $9.87 billion, a P/E ratio of -27.33 and a beta of 2.76. Praxis Precision Medicines, Inc. has a 1 year low of $37.19 and a 1 year high of $392.70. The company's fifty day moving average is $336.93 and its two-hundred day moving average is $322.47.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($2.87) EPS for the quarter, beating analysts' consensus estimates of ($3.67) by $0.80. As a group, equities analysts expect that Praxis Precision Medicines, Inc. will post -13.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PRAX. TD Cowen reaffirmed a "buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Needham & Company LLC boosted their target price on Praxis Precision Medicines from $575.00 to $582.00 and gave the company a "buy" rating in a report on Thursday, August 6th. HC Wainwright decreased their target price on Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a "buy" rating for the company in a research report on Tuesday, June 2nd. Robert W. Baird set a $514.00 price target on Praxis Precision Medicines in a research note on Friday, August 7th. Finally, Wall Street Zen raised Praxis Precision Medicines from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $585.95.

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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