Praxis Precision Medicines (NASDAQ:PRAX) Sees Unusually-High Trading Volume – Here’s Why

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw unusually-strong trading volume on Tuesday . Approximately 442,241 shares were traded during mid-day trading, an increase of 57% from the previous session’s volume of 282,460 shares.The stock last traded at $74.82 and had previously closed at $74.68.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PRAX shares. Guggenheim boosted their price target 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. Wedbush increased their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Needham & Company LLC restated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. 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. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.33.

Praxis Precision Medicines Price Performance

The stock’s 50-day moving average price is $68.75 and its 200 day moving average price is $55.89. The firm has a market capitalization of $1.48 billion, a PE ratio of -7.25 and a beta of 2.67.

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

Insider Buying and Selling

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction 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 completion of the transaction, the general counsel now owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines 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 completion of the sale, the insider now owns 5,613 shares in the company, valued at approximately $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 corporate insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in Praxis Precision Medicines during the 2nd quarter worth approximately $25,000. Quarry LP acquired a new position in Praxis Precision Medicines during the 2nd quarter worth approximately $83,000. US Bancorp DE grew its holdings in Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares in the last quarter. Intech Investment Management LLC acquired a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $231,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

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.