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

Ally Bridge Group NY LLC trimmed its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 52.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,185 shares of the company’s stock after selling 80,194 shares during the quarter. Praxis Precision Medicines makes up approximately 2.3% of Ally Bridge Group NY LLC’s investment portfolio, making the stock its 27th biggest holding. Ally Bridge Group NY LLC owned about 0.39% of Praxis Precision Medicines worth $4,211,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. MetLife Investment Management LLC boosted its position in Praxis Precision Medicines by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 10,131 shares of the company’s stock valued at $583,000 after acquiring an additional 5,708 shares in the last quarter. Glenmede Trust Co. NA bought a new position in shares of Praxis Precision Medicines in the 3rd quarter worth $240,000. BNP Paribas Financial Markets lifted its stake in shares of Praxis Precision Medicines by 369.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,525 shares of the company’s stock worth $548,000 after purchasing an additional 7,496 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Praxis Precision Medicines by 188.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 137,052 shares of the company’s stock valued at $7,886,000 after purchasing an additional 89,578 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in Praxis Precision Medicines in the third quarter valued at about $217,000. Institutional investors own 67.84% of the company’s stock.

Analyst Upgrades and Downgrades

PRAX has been the topic of a number of recent analyst reports. Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer raised their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Guggenheim upped their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.33.

Insider Transactions at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 5,188 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the sale, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock opened at $79.45 on Thursday. Praxis Precision Medicines, Inc. has a fifty-two week low of $14.77 and a fifty-two week high of $86.93. The firm has a market capitalization of $1.48 billion, a PE ratio of -7.71 and a beta of 2.67. The stock’s 50-day simple moving average is $69.59 and its 200-day simple moving average is $56.27.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results 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). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The business had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same quarter last year, the company posted ($2.70) EPS. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current 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.