Velan Capital Investment Management LP Has $23.09 Million Stock Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Velan Capital Investment Management LP trimmed its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 14.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 300,000 shares of the company’s stock after selling 50,666 shares during the quarter. Praxis Precision Medicines accounts for about 19.9% of Velan Capital Investment Management LP’s holdings, making the stock its 2nd largest position. Velan Capital Investment Management LP’s holdings in Praxis Precision Medicines were worth $23,088,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Praxis Precision Medicines in the fourth quarter valued at approximately $48,000. Graham Capital Management L.P. acquired a new stake in Praxis Precision Medicines during the 4th quarter valued at $209,000. KLP Kapitalforvaltning AS bought a new position in Praxis Precision Medicines in the 4th quarter valued at $215,000. Envestnet Asset Management Inc. bought a new position in Praxis Precision Medicines in the 4th quarter valued at $231,000. Finally, Freestone Grove Partners LP acquired a new position in Praxis Precision Medicines in the fourth quarter worth $237,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Down 0.5%

NASDAQ:PRAX opened at $37.02 on Monday. Praxis Precision Medicines, Inc. has a 1-year low of $26.70 and a 1-year high of $91.83. The firm has a market capitalization of $754.06 million, a price-to-earnings ratio of -3.59 and a beta of 2.65. The business’s 50-day moving average price is $35.60 and its two-hundred day moving average price is $59.60.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Friday, May 2nd. The company reported ($3.29) earnings per share for the quarter, missing the consensus estimate of ($3.20) by ($0.09). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Wall Street Analyst Weigh In

PRAX has been the topic of several research analyst reports. Chardan Capital began coverage on shares of Praxis Precision Medicines in a research note on Wednesday, May 7th. They set a “buy” rating and a $80.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a “buy” rating and a $111.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Praxis Precision Medicines in a research note on Monday, May 5th. Wedbush raised their price target on Praxis Precision Medicines from $26.00 to $28.00 and gave the company an “underperform” rating in a report on Monday, May 5th. Finally, HC Wainwright reiterated a “buy” rating and issued a $105.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.50.

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.