Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down on Insider Selling

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $71.76, but opened at $69.74. Praxis Precision Medicines shares last traded at $69.11, with a volume of 25,968 shares trading hands.

Specifically, insider Lauren Mastrocola sold 5,188 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 5,613 shares in the company, valued at $459,031.14. This represents a 48.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction dated 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 directly 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 disclosure for this sale can be found here.

Wall Street Analyst Weigh In

PRAX has been the subject of several research analyst reports. Guggenheim upped their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer increased 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. Finally, Wedbush boosted their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Stock Down 0.3 %

The stock has a market capitalization of $1.33 billion, a P/E ratio of -6.94 and a beta of 2.67. The stock has a 50 day simple moving average of $67.25 and a two-hundred day simple moving average of $55.13.

Praxis Precision Medicines (NASDAQ:PRAX) last released 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). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the business posted ($2.70) earnings per share. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Amalgamated Bank bought a new position in Praxis Precision Medicines during the second quarter worth about $25,000. Quarry LP bought a new position in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $83,000. US Bancorp DE increased its holdings 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 acquiring an additional 605 shares during the last quarter. SG Americas Securities LLC bought a new stake in Praxis Precision Medicines in the 1st quarter valued at $150,000. Finally, Intech Investment Management LLC acquired a new stake in Praxis Precision Medicines during the 3rd quarter valued at $217,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.