Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 7.9% on Insider Selling

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price was down 7.9% on Friday after an insider sold shares in the company. The stock traded as low as $70.79 and last traded at $70.79. Approximately 53,913 shares traded hands 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 stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the sale, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the transaction, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

PRAX has been the subject of several recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Guggenheim increased 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. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Wedbush raised their target price on 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 research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Trading Down 6.7 %

The company has a fifty day moving average of $67.00 and a 200-day moving average of $55.01. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -6.97 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results 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). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same period in the prior year, the firm earned ($2.70) earnings per share. As a group, equities research analysts expect that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. lifted its stake in shares of Praxis Precision Medicines by 10.2% in the second quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after buying an additional 97,561 shares in the last quarter. RA Capital Management L.P. purchased a new position in Praxis Precision Medicines in the 1st quarter worth approximately $50,548,000. Vanguard Group Inc. lifted its stake 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 purchasing an additional 373,131 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Praxis Precision Medicines during the 1st quarter worth approximately $32,707,000. Finally, Janus Henderson Group PLC grew its position in shares of Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after purchasing an additional 141,881 shares in the last quarter. Institutional investors and hedge funds 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.