SummitTX Capital L.P. Sells 4,791 Shares of Praxis Precision Medicines, Inc. $PRAX

Key Points

• SummitTX Capital reduced its Praxis Precision Medicines position by 11.5% in the first quarter, selling 4,791 shares and retaining 36,838 shares valued at approximately $11.9 million.
• Institutional investors and hedge funds own 67.84% of PRAX, with Orbimed Advisors and Sei Investments significantly increasing their holdings during the quarter.
• PRAX recently traded at $325.30 and reported a quarterly loss of $3.20 per share, beating estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $563.50.

SummitTX Capital L.P. decreased its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,838 shares of the company's stock after selling 4,791 shares during the period. SummitTX Capital L.P. owned approximately 0.13% of Praxis Precision Medicines worth $11,869,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PRAX. ABS Direct Equity Fund LLC acquired a new stake in Praxis Precision Medicines during the 1st quarter worth about $135,000. Orbimed Advisors LLC lifted its stake in shares of Praxis Precision Medicines by 82.5% in the 1st quarter. Orbimed Advisors LLC now owns 172,500 shares of the company's stock valued at $55,578,000 after purchasing an additional 78,000 shares during the period. Sei Investments Co. lifted its stake in shares of Praxis Precision Medicines by 86.9% in the 1st quarter. Sei Investments Co. now owns 29,525 shares of the company's stock valued at $9,513,000 after purchasing an additional 13,729 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Praxis Precision Medicines by 33.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 953 shares of the company's stock valued at $307,000 after purchasing an additional 239 shares in the last quarter. Finally, Carl P. Sherr & Co. LLC boosted its position in shares of Praxis Precision Medicines by 8.4% during the 1st quarter. Carl P. Sherr & Co. LLC now owns 972 shares of the company's stock valued at $313,000 after purchasing an additional 75 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Praxis Precision Medicines Price Performance

Shares of Praxis Precision Medicines stock opened at $325.30 on Monday. Praxis Precision Medicines, Inc. has a one year low of $37.19 and a one year high of $366.52. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of -24.33 and a beta of 2.74. The business has a 50-day simple moving average of $308.80 and a 200 day simple moving average of $314.03.

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 (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In related news, Director Jill Desimone sold 11,600 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the transaction, the director directly owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PRAX. Jefferies Financial Group reiterated a "buy" rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. Truist Financial set a $616.00 price target on Praxis Precision Medicines and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Piper Sandler reaffirmed an "overweight" rating on shares of Praxis Precision Medicines in a research report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Royal Bank Of Canada began coverage on shares of Praxis Precision Medicines in a research report on Wednesday, June 17th. They set an "outperform" rating and a $449.00 target price on the stock. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and a consensus price target of $563.50.

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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