Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 6.5% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price dropped 6.5% during trading on Thursday . The company traded as low as $70.27 and last traded at $70.27. Approximately 46,899 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 282,074 shares. The stock had previously closed at $75.13.

Analyst Upgrades and Downgrades

PRAX has been the subject of several analyst reports. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday. Needham & Company LLC reissued 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, Oppenheimer lifted 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 assigned a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Stock Down 1.2 %

The company’s 50 day moving average price is $72.65 and its 200 day moving average price is $58.56. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -6.81 and a beta of 2.67.

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

Insider Buying and Selling

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was 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 $826,140.20. The trade was a 44.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the company’s 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 completion of the sale, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRAX. CIBC Asset Management Inc grew its stake in shares of Praxis Precision Medicines by 29.2% during the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock worth $14,324,000 after purchasing an additional 56,272 shares during the period. Renaissance Technologies LLC grew its position in Praxis Precision Medicines by 523.2% during the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after buying an additional 63,329 shares during the period. TD Asset Management Inc increased its holdings in Praxis Precision Medicines by 46.6% in the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after buying an additional 16,312 shares in the last quarter. Moody Aldrich Partners LLC raised its position 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 worth $1,819,000 after acquiring 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 worth about $451,000. 67.84% of the stock is currently 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.