Velan Capital Investment Management LP Sells 50,666 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Velan Capital Investment Management LP cut its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 14.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 300,000 shares of the company's stock after selling 50,666 shares during the period. Praxis Precision Medicines comprises approximately 19.9% of Velan Capital Investment Management LP's holdings, making the stock its 2nd biggest position. Velan Capital Investment Management LP owned 1.61% of Praxis Precision Medicines worth $23,088,000 as of its most recent SEC filing.

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

Praxis Precision Medicines Trading Down 0.5%

PRAX stock opened at $37.02 on Monday. Praxis Precision Medicines, Inc. has a 1 year low of $26.70 and a 1 year high of $91.83. The company has a fifty day simple moving average of $35.60 and a 200 day simple moving average of $59.60. The firm has a market cap 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 posted its earnings results on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing the consensus estimate 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 forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. HC Wainwright reaffirmed a "buy" rating and set a $105.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, May 1st. Robert W. Baird cut their price objective on shares of 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. Truist Financial reduced their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Wedbush raised their target price on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the company an "underperform" rating in a research note on Monday, May 5th. Finally, Needham & Company LLC restated a "buy" rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines has an average rating of "Moderate Buy" and an average target price of $116.50.

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.

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