Ally Bridge Group NY LLC Sells 80,194 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Ally Bridge Group NY LLC lessened its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 52.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,185 shares of the company's stock after selling 80,194 shares during the quarter. Praxis Precision Medicines makes up 2.3% of Ally Bridge Group NY LLC's holdings, making the stock its 27th biggest position. Ally Bridge Group NY LLC owned about 0.39% of Praxis Precision Medicines worth $4,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Amalgamated Bank acquired a new stake in Praxis Precision Medicines in the second quarter valued at $25,000. Quarry LP acquired a new position in shares of Praxis Precision Medicines during the 2nd quarter worth about $83,000. US Bancorp DE raised its holdings in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company's stock valued at $132,000 after purchasing an additional 605 shares during the period. Intech Investment Management LLC acquired a new stake in Praxis Precision Medicines in the 3rd quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in Praxis Precision Medicines during the third quarter worth about $231,000. 67.84% of the stock is owned by institutional investors.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the company's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares of the company's stock, valued at $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Praxis Precision Medicines Stock Down 0.3 %

Shares of PRAX stock traded down $0.21 during mid-day trading on Thursday, reaching $79.45. 175,525 shares of the stock traded hands, compared to its average volume of 286,261. Praxis Precision Medicines, Inc. has a 1-year low of $14.77 and a 1-year high of $86.93. The stock's fifty day simple moving average is $69.59 and its two-hundred day simple moving average is $56.27. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -7.71 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The business had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same period in the prior year, the firm earned ($2.70) EPS. On average, equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PRAX. Needham & Company LLC reiterated a "buy" rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Guggenheim increased their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, August 14th. Wedbush raised their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 14th. Oppenheimer lifted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $146.33.

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.