Velan Capital Investment Management LP Decreases Position in Praxis Precision Medicines, Inc. $PRAX

Key Points

• Velan Capital Investment Management LP has reduced its stake in Praxis Precision Medicines by 38.3%, holding now 185,000 shares after selling 115,000 shares in the first quarter.
• Several equities analysts have issued reports on PRAX, with a consensus target price of $85.88 and most analysts giving it a "buy" rating.
• Praxis Precision Medicines reported a quarterly EPS of ($3.31), exceeding analysts' expectations of ($3.40), despite having a negative return on equity of 60.07%.

Velan Capital Investment Management LP decreased its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 38.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 185,000 shares of the company's stock after selling 115,000 shares during the period. Praxis Precision Medicines accounts for 7.2% of Velan Capital Investment Management LP's investment portfolio, making the stock its 5th biggest holding. Velan Capital Investment Management LP owned approximately 0.91% of Praxis Precision Medicines worth $7,006,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Driehaus Capital Management LLC lifted its position in Praxis Precision Medicines by 192.0% during the 1st 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 last quarter. Tri Locum Partners LP lifted its position in Praxis Precision Medicines by 124.5% during the 1st quarter. Tri Locum Partners LP now owns 83,659 shares of the company's stock worth $3,168,000 after acquiring an additional 46,390 shares during the last quarter. Walleye Capital LLC lifted its position in Praxis Precision Medicines by 47.0% during the 1st quarter. Walleye Capital LLC now owns 131,756 shares of the company's stock worth $4,990,000 after acquiring an additional 42,143 shares during the last quarter. Algert Global LLC acquired a new position in Praxis Precision Medicines during the 1st quarter worth $814,000. Finally, Aberdeen Group plc lifted its position in Praxis Precision Medicines by 1,658.4% during the 1st quarter. Aberdeen Group plc now owns 87,903 shares of the company's stock worth $3,329,000 after acquiring an additional 82,904 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company's stock.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX traded down $0.45 during trading on Monday, reaching $45.54. 275,873 shares of the company traded hands, compared to its average volume of 490,521. The company has a market cap of $958.43 million, a price-to-earnings ratio of -3.71 and a beta of 2.61. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83. The stock's 50 day moving average price is $49.18 and its two-hundred day moving average price is $44.23.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on PRAX shares. Wedbush boosted their price objective on shares of Praxis Precision Medicines from $26.00 to $28.00 and gave the stock an "underperform" rating in a report on Monday, May 5th. Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $97.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Needham & Company LLC restated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, June 12th. HC Wainwright restated a "buy" rating and set a $115.00 price objective (up previously from $105.00) on shares of Praxis Precision Medicines in a report on Tuesday, August 5th. Finally, Chardan Capital restated a "buy" rating and set a $80.00 price objective on shares of Praxis Precision Medicines in a report on Tuesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.88.

About Praxis Precision Medicines

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.