Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 6.5% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price traded down 6.5% during trading on Tuesday . The company traded as low as $79.00 and last traded at $79.35. 98,872 shares were traded during mid-day trading, a decline of 72% from the average session volume of 348,417 shares. The stock had previously closed at $84.85.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Oppenheimer raised their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Truist Financial boosted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft began coverage on Praxis Precision Medicines in a research note on Tuesday. They issued a “buy” rating and a $111.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a research report on Monday. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $145.20.

Praxis Precision Medicines Stock Down 2.0 %

The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -8.07 and a beta of 2.65. The business’s fifty day moving average is $75.12 and its 200 day moving average is $67.72.

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 on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction of $424,274.64. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business’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 sale, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in shares of Praxis Precision Medicines during the third quarter valued at about $297,000. Moody Aldrich Partners LLC grew its position in Praxis Precision Medicines by 29.6% in the 3rd quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company’s stock valued at $1,819,000 after purchasing an additional 7,224 shares during the period. US Bancorp DE raised its holdings in Praxis Precision Medicines by 35.9% during the third 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. Mesirow Financial Investment Management Inc. acquired a new stake in shares of Praxis Precision Medicines in the 3rd quarter worth about $231,000. Finally, CIBC Asset Management Inc boosted its stake in Praxis Precision Medicines by 29.2% during the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company’s stock valued at $14,324,000 after purchasing an additional 56,272 shares during the last quarter. 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.