The Manufacturers Life Insurance Company Sells 169 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

The Manufacturers Life Insurance Company decreased its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 0.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,139 shares of the company’s stock after selling 169 shares during the period. The Manufacturers Life Insurance Company’s holdings in Praxis Precision Medicines were worth $2,022,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PRAX. Bank of New York Mellon Corp bought a new position in Praxis Precision Medicines in the 2nd quarter worth approximately $2,048,000. Hussman Strategic Advisors Inc. purchased a new stake in Praxis Precision Medicines in the second quarter valued at approximately $869,000. Rhumbline Advisers grew its stake in Praxis Precision Medicines by 14,500.0% in the 2nd quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock worth $918,000 after buying an additional 22,040 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Praxis Precision Medicines by 46.6% in the 2nd 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. Finally, Ovata Capital Management Ltd raised its position in shares of Praxis Precision Medicines by 100.0% during the 2nd quarter. Ovata Capital Management Ltd now owns 40,000 shares of the company’s stock valued at $1,654,000 after buying an additional 20,000 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Guggenheim increased their target price 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. Wedbush lifted their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and issued a $151.00 target price 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 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Oppenheimer lifted their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $146.33.

Insider Buying and Selling

In related news, General Counsel Alex Nemiroff sold 8,239 shares of the company’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 completion of the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. This trade represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

Praxis Precision Medicines Trading Down 4.7 %

Shares of PRAX opened at $66.56 on Tuesday. The firm has a fifty day simple moving average of $71.74 and a two-hundred day simple moving average of $57.82. The firm has a market cap of $1.24 billion, a PE ratio of -6.46 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 1-year low of $14.77 and a 1-year high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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 net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. During the same quarter in the prior year, the firm earned ($2.70) earnings per share. As a group, research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

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.