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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price gapped down before the market opened 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 changing hands.

Specifically, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction dated 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 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares of the company’s stock, valued at $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

A number of analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Oppenheimer lifted their target price 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. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Guggenheim upped their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Wedbush lifted their price target 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Trading Up 1.7 %

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -7.06 and a beta of 2.67. The stock has a 50-day moving average of $67.52 and a two-hundred day moving average of $55.26.

Praxis Precision Medicines (NASDAQ:PRAX) last released its 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 net margin of 9,409.22% and a negative return on equity of 54.86%. The business had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same period last year, the business earned ($2.70) EPS. Sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD acquired a new position in Praxis Precision Medicines in the 1st quarter valued at $32,707,000. Vanguard Group Inc. raised its stake in Praxis Precision Medicines by 100.6% during the first 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 last quarter. CIBC Asset Management Inc lifted its stake in Praxis Precision Medicines by 29.2% in the third quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after buying an additional 56,272 shares during the period. Renaissance Technologies LLC boosted its position in shares of Praxis Precision Medicines by 523.2% during the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock worth $3,120,000 after purchasing an additional 63,329 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in Praxis Precision Medicines by 46.6% during the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after buying an additional 16,312 shares during the last quarter. 67.84% of the stock is owned by institutional investors and hedge funds.

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.