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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s share price gapped down prior to trading on Monday following insider selling activity. 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 changing 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 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 company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the transaction, 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 disclosure for this sale can be found here.

Analyst Ratings Changes

Several research analysts have recently issued reports on PRAX shares. Guggenheim upped their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Wedbush boosted their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Stock Performance

The stock has a fifty day simple moving average of $67.00 and a two-hundred day simple moving average of $55.01. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -6.97 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). The business had revenue of $0.30 million for the quarter, compared to analyst estimates 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 business posted ($2.70) earnings per share. Research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Institutional Trading of Praxis Precision Medicines

Several large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. grew its stake in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares during the period. RA Capital Management L.P. acquired a new stake in shares of Praxis Precision Medicines in the 1st quarter valued at about $50,548,000. Vanguard Group Inc. grew its stake in shares of Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in shares of Praxis Precision Medicines in the 1st quarter valued at about $32,707,000. Finally, Janus Henderson Group PLC grew its stake in shares of Praxis Precision Medicines by 37.2% in the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after buying an additional 141,881 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.