Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 7.9% Following Insider Selling

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) were down 7.9% on Friday following insider selling activity. The stock traded as low as $70.79 and last traded at $70.79. Approximately 53,913 shares were traded during trading, a decline of 81% from the average daily volume of 280,365 shares. The stock had previously closed at $76.88.

Specifically, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of research analysts have recently commented on PRAX shares. Needham & Company LLC restated a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Guggenheim upped their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Wedbush upped their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Oppenheimer upped their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Stock Down 6.7 %

The firm has a market capitalization of $1.34 billion, a PE ratio of -6.97 and a beta of 2.67. The company’s 50-day simple moving average is $67.00 and its 200 day simple moving average is $55.01.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The company had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period in the previous year, the business earned ($2.70) earnings per share. On average, sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. raised its position in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after purchasing an additional 97,561 shares during the last quarter. RA Capital Management L.P. purchased a new position in shares of Praxis Precision Medicines in the 1st quarter valued at approximately $50,548,000. Vanguard Group Inc. increased its holdings in Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after buying an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in Praxis Precision Medicines in the 1st quarter worth approximately $32,707,000. Finally, Janus Henderson Group PLC increased its holdings in Praxis Precision Medicines by 37.2% in the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after buying an additional 141,881 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.