Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Position Trimmed by Fmr LLC

Fmr LLC decreased its position in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 273,895 shares of the company’s stock after selling 17,084 shares during the quarter. Fmr LLC owned about 1.47% of Praxis Precision Medicines worth $15,760,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Amalgamated Bank acquired a new stake in Praxis Precision Medicines in the second quarter worth about $25,000. US Bancorp DE lifted its holdings in Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after purchasing an additional 605 shares during the period. Quarry LP bought a new stake in Praxis Precision Medicines in the second quarter worth about $83,000. Intech Investment Management LLC bought a new stake in Praxis Precision Medicines in the third quarter worth about $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in Praxis Precision Medicines during the 3rd quarter worth about $231,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the firm’s 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 sale, the general counsel now owns 10,301 shares of the company’s stock, valued at $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $424,274.64. Following the sale, 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 disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PRAX shares. Oppenheimer boosted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Wedbush upped their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Guggenheim upped their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. 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 Price Performance

Praxis Precision Medicines stock opened at $69.90 on Wednesday. The stock has a fifty day moving average price of $71.92 and a two-hundred day moving average price of $57.99. Praxis Precision Medicines, Inc. has a 52-week low of $14.77 and a 52-week high of $86.93. The firm has a market capitalization of $1.30 billion, a P/E ratio of -6.79 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) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same quarter in the previous year, the company posted ($2.70) EPS. On average, equities research analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Praxis Precision Medicines Company 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.