Praxis Precision Medicines, Inc. $PRAX Shares Sold by Velan Capital Investment Management LP

Velan Capital Investment Management LP decreased its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 11.9% during the 2nd quarter, Holdings Channel reports. The fund owned 88,781 shares of the company’s stock after selling 12,000 shares during the quarter. Praxis Precision Medicines comprises about 18.0% of Velan Capital Investment Management LP’s holdings, making the stock its biggest position. Velan Capital Investment Management LP’s holdings in Praxis Precision Medicines were worth $29,723,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in Praxis Precision Medicines in the second quarter valued at about $28,583,000. Handelsbanken Fonder AB acquired a new position in Praxis Precision Medicines during the 2nd quarter worth approximately $3,294,000. GAMMA Investing LLC increased its position in Praxis Precision Medicines by 10.3% during the 2nd quarter. GAMMA Investing LLC now owns 332 shares of the company’s stock worth $111,000 after purchasing an additional 31 shares during the period. Parallel Advisors LLC raised its stake in shares of Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after buying an additional 120 shares in the last quarter. Finally, Perceptive Advisors LLC raised its stake in shares of Praxis Precision Medicines by 2.0% during the 1st quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after buying an additional 40,000 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Price Performance

PRAX opened at $353.44 on Wednesday. The stock has a market cap of $9.87 billion, a P/E ratio of -27.33 and a beta of 2.76. The stock’s 50 day simple moving average is $336.93 and its 200 day simple moving average is $322.47. Praxis Precision Medicines, Inc. has a 1-year low of $37.19 and a 1-year high of $392.70.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($2.87) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.67) by $0.80. Research analysts expect that Praxis Precision Medicines, Inc. will post -13.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jill Desimone sold 11,600 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the transaction, the director owned 2,337 shares in the company, valued at $727,554.84. This trade represents a 83.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on PRAX shares. Royal Bank Of Canada restated an “outperform” rating and issued a $462.00 price target (up from $449.00) on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Oppenheimer reiterated an “outperform” rating and issued a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. TD Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Truist Financial set a $616.00 target price on shares of Praxis Precision Medicines and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Robert W. Baird set a $514.00 price target on shares of Praxis Precision Medicines in a research note on Friday, August 7th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Praxis Precision Medicines currently has an average rating of “Buy” and an average price target of $585.95.

Praxis Precision Medicines Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.