Soleus Capital Management L.P. Sells 15,858 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Soleus Capital Management L.P. cut its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 6.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 243,540 shares of the company's stock after selling 15,858 shares during the period. Praxis Precision Medicines makes up about 1.2% of Soleus Capital Management L.P.'s portfolio, making the stock its 26th biggest holding. Soleus Capital Management L.P. owned approximately 1.31% of Praxis Precision Medicines worth $18,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently modified their holdings of PRAX. Janus Henderson Group PLC raised its stake in Praxis Precision Medicines by 77.5% in the fourth quarter. Janus Henderson Group PLC now owns 929,523 shares of the company's stock valued at $71,621,000 after purchasing an additional 405,957 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in Praxis Precision Medicines in the 4th quarter valued at about $17,454,000. Millennium Management LLC raised its position in shares of Praxis Precision Medicines by 3,519.4% in the 4th quarter. Millennium Management LLC now owns 150,892 shares of the company's stock valued at $11,613,000 after buying an additional 146,723 shares in the last quarter. Norges Bank acquired a new position in shares of Praxis Precision Medicines in the 4th quarter valued at approximately $9,151,000. Finally, CIBC Asset Management Inc lifted its holdings in shares of Praxis Precision Medicines by 47.3% during the 4th quarter. CIBC Asset Management Inc now owns 366,756 shares of the company's stock worth $28,226,000 after acquiring an additional 117,817 shares during the period. 67.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, May 5th. HC Wainwright reiterated a "buy" rating and issued a $105.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. Chardan Capital assumed coverage on Praxis Precision Medicines in a research report on Wednesday, May 7th. They set a "buy" rating and a $80.00 price objective for the company. Robert W. Baird reduced their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Finally, Truist Financial lowered their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines has an average rating of "Moderate Buy" and a consensus target price of $116.50.

Praxis Precision Medicines Trading Down 0.5%

Praxis Precision Medicines stock opened at $37.02 on Monday. The stock has a 50-day moving average price of $35.60 and a two-hundred day moving average price of $59.60. Praxis Precision Medicines, Inc. has a 12 month low of $26.70 and a 12 month high of $91.83. The company has a market capitalization of $754.06 million, a PE ratio of -3.59 and a beta of 2.65.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data 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 net margin of 9,409.22% and a negative return on equity of 54.86%. As a group, analysts predict 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.

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