Soleus Capital Management L.P. Sells 15,858 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Soleus Capital Management L.P. reduced its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 6.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 243,540 shares of the company’s stock after selling 15,858 shares during the period. Praxis Precision Medicines makes up about 1.2% of Soleus Capital Management L.P.’s portfolio, making the stock its 26th biggest position. Soleus Capital Management L.P.’s holdings in Praxis Precision Medicines were worth $18,743,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PRAX. Mirae Asset Global Investments Co. Ltd. bought a new position in Praxis Precision Medicines during the 4th quarter worth approximately $48,000. Graham Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $209,000. KLP Kapitalforvaltning AS bought a new position in Praxis Precision Medicines during the fourth quarter worth $215,000. Envestnet Asset Management Inc. acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $231,000. Finally, Freestone Grove Partners LP acquired a new position in Praxis Precision Medicines in the fourth quarter valued at $237,000. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Stock Down 0.5%

Shares of PRAX opened at $37.02 on Monday. Praxis Precision Medicines, Inc. has a 12-month low of $26.70 and a 12-month high of $91.83. The business’s fifty day moving average is $35.60 and its 200 day moving average is $59.60. The stock has a market cap of $754.06 million, a P/E ratio of -3.59 and a beta of 2.65.

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%. On average, analysts expect that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a report on Thursday, May 1st. Truist Financial decreased their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Robert W. Baird dropped their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Chardan Capital assumed coverage on Praxis Precision Medicines in a report on Wednesday, May 7th. They set a “buy” rating and a $80.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective for the company. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $116.50.

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.