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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares dropped 7.9% during mid-day trading on Friday following insider selling activity. The stock traded as low as $70.79 and last traded at $70.79. Approximately 53,913 shares changed 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 company’s 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 sale, the insider now owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, the general counsel now directly owns 10,301 shares in the company, valued at $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRAX. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Wedbush increased their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Guggenheim raised their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, Oppenheimer upped their target price 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 analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Stock Performance

The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -6.97 and a beta of 2.67. The company has a 50 day moving average of $67.00 and a 200-day moving average of $55.01.

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 the consensus estimate of ($2.01) by ($0.74). The business 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 period in the prior year, the company posted ($2.70) EPS. On average, research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. RA Capital Management L.P. purchased a new stake in shares of Praxis Precision Medicines during the first quarter worth $50,548,000. Price T Rowe Associates Inc. MD acquired a new position in Praxis Precision Medicines during the 1st quarter worth $32,707,000. Vanguard Group Inc. increased its holdings in Praxis Precision Medicines by 100.6% during 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 during the period. Janus Henderson Group PLC acquired a new stake in Praxis Precision Medicines in the 1st quarter valued at about $18,878,000. Finally, Baker BROS. Advisors LP boosted its stake in shares of Praxis Precision Medicines by 145.6% in the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after buying an additional 191,572 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

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.