Ellsworth Advisors LLC Takes $627,000 Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Ellsworth Advisors LLC bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the 4th quarter, Holdings Channel reports. The firm bought 8,150 shares of the company’s stock, valued at approximately $627,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PRAX. Rhumbline Advisers boosted its stake in shares of Praxis Precision Medicines by 14,500.0% in the second quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock valued at $918,000 after buying an additional 22,040 shares during the period. Renaissance Technologies LLC lifted its stake in Praxis Precision Medicines by 523.2% during the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock worth $3,120,000 after purchasing an additional 63,329 shares during the last quarter. Amalgamated Bank bought a new stake in Praxis Precision Medicines during the second quarter worth $25,000. Profund Advisors LLC bought a new stake in Praxis Precision Medicines during the second quarter worth $318,000. Finally, Marshall Wace LLP lifted its stake in Praxis Precision Medicines by 105.2% during the second quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock worth $10,273,000 after purchasing an additional 127,357 shares during the last quarter. Institutional investors and hedge funds own 67.84% of the company’s stock.

Insiders Place Their Bets

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the 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 completion of the sale, the general counsel now directly owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the sale, the insider now owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. 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 report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Stock Up 0.4 %

NASDAQ PRAX opened at $70.54 on Tuesday. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -6.85 and a beta of 2.66. Praxis Precision Medicines, Inc. has a twelve month low of $33.01 and a twelve month high of $86.93. The stock has a fifty day simple moving average of $74.43 and a 200 day simple moving average of $64.52.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($2.75) earnings per share 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 company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the previous year, the company earned ($2.70) earnings per share. Research analysts expect that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Praxis Precision Medicines 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.