Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 8.9% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares fell 8.9% during mid-day trading on Friday . The company traded as low as $67.00 and last traded at $67.13. Approximately 113,363 shares changed hands during trading, a decline of 55% from the average daily volume of 249,191 shares. The stock had previously closed at $73.68.

Analyst Ratings Changes

PRAX has been the topic of several recent research reports. Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. 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. Finally, HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Price Performance

The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -6.39 and a beta of 2.66. The firm has a fifty day moving average of $75.09 and a 200 day moving average of $63.05.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) EPS 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 analysts’ expectations of $0.53 million. During the same quarter in the prior year, the firm earned ($2.70) EPS. Research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

In other news, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares in the company, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was 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 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. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Praxis Precision Medicines

Several large investors have recently bought and sold shares of PRAX. Amalgamated Bank acquired a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth about $25,000. Quarry LP purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $83,000. US Bancorp DE lifted its position in shares of 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 buying an additional 605 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter valued at $231,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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.