Tri Locum Partners LP Trims Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Tri Locum Partners LP trimmed its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 29.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,319 shares of the company’s stock after selling 31,175 shares during the quarter. Praxis Precision Medicines makes up approximately 0.8% of Tri Locum Partners LP’s portfolio, making the stock its 22nd biggest holding. Tri Locum Partners LP owned approximately 0.44% of Praxis Precision Medicines worth $3,115,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank bought a new stake in Praxis Precision Medicines during the 2nd quarter worth approximately $25,000. SG Americas Securities LLC purchased a new stake in shares of Praxis Precision Medicines in the first quarter worth $150,000. DLD Asset Management LP purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter worth $223,000. Chase Investment Counsel Corp purchased a new stake in shares of Praxis Precision Medicines in the 1st quarter valued at about $229,000. Finally, Boulder Hill Capital Management LP bought a new stake in shares of Praxis Precision Medicines during the 1st quarter valued at about $256,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Oppenheimer reissued an “outperform” rating and issued a $143.00 price target (up previously from $134.00) on shares of Praxis Precision Medicines in a report on Wednesday, September 4th. Guggenheim upped their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Piper Sandler reiterated an “overweight” rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, July 1st. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Tuesday, September 10th. Finally, Wedbush increased their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.44.

Praxis Precision Medicines Stock Performance

NASDAQ:PRAX opened at $61.51 on Monday. Praxis Precision Medicines, Inc. has a fifty-two week low of $13.01 and a fifty-two week high of $67.21. The firm has a market cap of $1.09 billion, a PE ratio of -3.88 and a beta of 2.72. The business has a 50 day moving average price of $55.31 and a 200-day moving average price of $50.83.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, beating the consensus estimate of ($2.38) by $0.64. The business had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.44 million. Praxis Precision Medicines had a negative net margin of 6,987.01% and a negative return on equity of 61.47%. Research analysts predict that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current year.

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.