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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was down 6.5% during trading on Tuesday . The stock traded as low as $72.73 and last traded at $72.80. Approximately 90,860 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 284,252 shares. The stock had previously closed at $77.86.

Analysts Set New Price Targets

Several research firms recently issued reports on PRAX. Needham & Company LLC reissued a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Wedbush increased their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Guggenheim raised their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Oppenheimer raised their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. One 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Stock Performance

The company has a market cap of $1.34 billion, a PE ratio of -6.95 and a beta of 2.67. The company has a fifty day moving average of $70.29 and a two-hundred day moving average of $56.84.

Praxis Precision Medicines (NASDAQ:PRAX) last announced 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 analysts’ expectations of $0.53 million. During the same period in the prior year, the company posted ($2.70) EPS. On average, equities analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Insider Buying and Selling at Praxis Precision Medicines

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc grew its position 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 buying an additional 56,272 shares in the last quarter. Vanguard Group Inc. increased its position in Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares during the period. Renaissance Technologies LLC lifted its position in shares of Praxis Precision Medicines by 523.2% in the 2nd 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 period. TD Asset Management Inc lifted its position in shares of Praxis Precision Medicines by 46.6% in the 2nd quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after purchasing an additional 16,312 shares during the period. Finally, Moody Aldrich Partners LLC boosted its stake in shares of Praxis Precision Medicines by 29.6% during the third 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 in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.