Ally Bridge Group NY LLC Lowers Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Ally Bridge Group NY LLC lessened its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 52.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 73,185 shares of the company’s stock after selling 80,194 shares during the quarter. Praxis Precision Medicines comprises about 2.3% of Ally Bridge Group NY LLC’s holdings, making the stock its 27th biggest position. Ally Bridge Group NY LLC’s holdings in Praxis Precision Medicines were 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. Amalgamated Bank acquired a new stake in Praxis Precision Medicines in the second quarter valued at approximately $25,000. Quarry LP acquired a new stake in Praxis Precision Medicines in the 2nd quarter valued at $83,000. US Bancorp DE increased its holdings in Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares in the last quarter. Intech Investment Management LLC acquired a new position in Praxis Precision Medicines during the third quarter worth $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in Praxis Precision Medicines during the third quarter valued at $231,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Insider Activity

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

Praxis Precision Medicines Stock Down 0.3 %

Shares of NASDAQ:PRAX opened at $79.45 on Thursday. Praxis Precision Medicines, Inc. has a 52-week low of $14.77 and a 52-week high of $86.93. The stock has a market cap of $1.48 billion, a P/E ratio of -7.71 and a beta of 2.67. The business has a fifty day moving average of $69.59 and a two-hundred day moving average of $56.27.

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

Analyst Ratings Changes

PRAX has been the subject of a number of research reports. Wedbush boosted 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 boosted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Guggenheim raised 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. Needham & Company LLC reiterated a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $146.33.

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.