Monashee Investment Management LLC Purchases Shares of 100,000 Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Monashee Investment Management LLC purchased a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 100,000 shares of the company’s stock, valued at approximately $1,828,000. Monashee Investment Management LLC owned about 0.26% of Praxis Precision Medicines at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PRAX. Nuveen Asset Management LLC lifted its holdings in shares of Praxis Precision Medicines by 39.3% during the first quarter. Nuveen Asset Management LLC now owns 56,565 shares of the company’s stock worth $1,853,000 after buying an additional 15,951 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Praxis Precision Medicines by 22.1% during the first quarter. New York State Common Retirement Fund now owns 10,500 shares of the company’s stock worth $344,000 after buying an additional 1,900 shares in the last quarter. Citadel Advisors LLC lifted its holdings in shares of Praxis Precision Medicines by 0.5% during the first quarter. Citadel Advisors LLC now owns 1,602,880 shares of the company’s stock worth $52,511,000 after buying an additional 7,234 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Praxis Precision Medicines by 59.2% during the second quarter. Alliancebernstein L.P. now owns 1,419,368 shares of the company’s stock worth $25,946,000 after buying an additional 527,815 shares in the last quarter. Finally, Alta Wealth Advisors LLC acquired a new stake in shares of Praxis Precision Medicines during the second quarter worth $567,000. 92.10% of the stock is owned by institutional investors and hedge funds.

Praxis Precision Medicines stock opened at $19.98 on Friday. Praxis Precision Medicines, Inc. has a 12-month low of $12.71 and a 12-month high of $60.95. The business’s 50-day moving average price is $17.89 and its two-hundred day moving average price is $22.94. The stock has a market cap of $893.37 million and a PE ratio of -1.37.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Monday, August 16th. The company reported ($0.88) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.68) by ($0.20). Research analysts forecast that Praxis Precision Medicines, Inc. will post -3.56 earnings per share for the current year.

In other Praxis Precision Medicines news, CEO Marcio Souza purchased 9,542 shares of the company’s stock in a transaction on Wednesday, August 18th. The shares were purchased at an average cost of $15.79 per share, with a total value of $150,668.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Parallel Master Fund L.P. Bsof sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $15.78, for a total value of $631,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 411,250 shares of company stock worth $7,622,955. 8.80% of the stock is owned by insiders.

A number of research analysts recently commented on the company. Bank of America assumed coverage on Praxis Precision Medicines in a research note on Thursday, August 26th. They issued a “buy” rating and a $28.00 price target for the company. Zacks Investment Research downgraded Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research note on Saturday, July 24th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $52.25.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

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Institutional Ownership by Quarter for Praxis Precision Medicines (NASDAQ:PRAX)

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