Velan Capital Investment Management LP Sells 35,666 Shares of Praxis Precision Medicines, Inc. $PRAX

Velan Capital Investment Management LP trimmed its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 19.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,334 shares of the company’s stock after selling 35,666 shares during the period. Praxis Precision Medicines comprises 6.2% of Velan Capital Investment Management LP’s investment portfolio, making the stock its 7th largest position. Velan Capital Investment Management LP owned 0.71% of Praxis Precision Medicines worth $6,279,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its stake in shares of Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after acquiring an additional 295 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in Praxis Precision Medicines by 6.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 6,425 shares of the company’s stock valued at $270,000 after purchasing an additional 385 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Praxis Precision Medicines by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,708 shares of the company’s stock valued at $444,000 after purchasing an additional 573 shares during the period. CWM LLC lifted its stake in shares of Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock worth $32,000 after purchasing an additional 676 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of Praxis Precision Medicines by 3.8% during the first quarter. Swiss National Bank now owns 27,100 shares of the company’s stock worth $1,026,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Analysts Set New Price Targets

PRAX has been the topic of several analyst reports. Cowen reiterated a “buy” rating on shares of Praxis Precision Medicines in a report on Monday. Piper Sandler reiterated an “overweight” rating and set a $450.00 price objective on shares of Praxis Precision Medicines in a research note on Friday. TD Cowen boosted their target price on shares of Praxis Precision Medicines from $251.00 to $353.00 and gave the stock a “buy” rating in a research report on Monday. Lifesci Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, September 3rd. Finally, Guggenheim reiterated a “buy” rating and issued a $760.00 price objective (up previously from $540.00) on shares of Praxis Precision Medicines in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $333.00.

Insider Buying and Selling

In related news, General Counsel Alex Nemiroff sold 25,130 shares of the firm’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total transaction of $4,852,351.70. Following the transaction, the general counsel directly owned 20,832 shares in the company, valued at $4,022,450.88. This trade represents a 54.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the completion of the transaction, the insider directly owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This represents a 56.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Praxis Precision Medicines Price Performance

PRAX opened at $258.13 on Wednesday. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $278.44. The stock has a market capitalization of $6.46 billion, a PE ratio of -20.01 and a beta of 2.95. The firm’s fifty day moving average price is $159.09 and its 200 day moving average price is $86.23.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($3.36) EPS for the quarter, topping the consensus estimate of ($3.45) by $0.09. On average, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal 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.