Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 6.5% – Here’s Why

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) fell 6.5% on Thursday . The stock traded as low as $70.27 and last traded at $70.27. 46,899 shares traded hands during trading, a decline of 83% from the average session volume of 282,074 shares. The stock had previously closed at $75.13.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PRAX shares. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, Oppenheimer upped 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 report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Stock Down 1.2 %

The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -6.81 and a beta of 2.67. The business’s 50-day moving average is $72.65 and its two-hundred day moving average is $58.56.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the prior year, the firm earned ($2.70) earnings per share. As a group, analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Lauren Mastrocola sold 5,188 shares of the firm’s 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 completion of 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 can be accessed through this hyperlink. 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 transaction of $660,767.80. Following the completion of the sale, the general counsel now owns 10,301 shares in the company, valued at approximately $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. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the stock. CIBC Asset Management Inc lifted its holdings in shares of Praxis Precision Medicines by 29.2% in the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after acquiring an additional 56,272 shares during the last quarter. Renaissance Technologies LLC grew its position in Praxis Precision Medicines by 523.2% in the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after acquiring an additional 63,329 shares in the last quarter. TD Asset Management Inc increased its stake 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 purchasing an additional 16,312 shares during the period. Moody Aldrich Partners LLC boosted its stake in shares of Praxis Precision Medicines by 29.6% in the third quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock valued at $1,819,000 after purchasing an additional 7,224 shares during the period. Finally, Ballentine Partners LLC acquired a new position in shares of Praxis Precision Medicines in the second quarter valued at approximately $451,000. 67.84% of the stock is currently 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.