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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $71.76, but opened at $69.74. Praxis Precision Medicines shares last traded at $69.11, with a volume of 25,968 shares.

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Guggenheim raised their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Oppenheimer lifted their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, Wedbush raised their price target on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Stock Performance

The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -7.06 and a beta of 2.67. The business has a fifty day moving average of $67.52 and a two-hundred day moving average of $55.26.

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

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of PRAX. Amalgamated Bank purchased a new position in Praxis Precision Medicines during the second quarter worth about $25,000. Quarry LP bought a new stake in Praxis Precision Medicines in the second quarter valued at $83,000. US Bancorp DE increased its position in shares of Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares during the period. SG Americas Securities LLC purchased a new stake in Praxis Precision Medicines in the first quarter worth about $150,000. Finally, Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines during the third quarter valued at $217,000. Institutional investors own 67.84% of the company’s stock.

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.