Praxis Precision Medicines, Inc. (NASDAQ:PRAX) General Counsel Alex Nemiroff Sells 8,239 Shares of Stock

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction on 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 sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This represents a 44.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Praxis Precision Medicines Stock Down 6.7 %

PRAX opened at $71.76 on Friday. The company has a 50 day moving average of $67.00 and a two-hundred day moving average of $55.01. Praxis Precision Medicines, Inc. has a 52-week low of $13.98 and a 52-week high of $86.93. The company has a market cap of $1.34 billion, a P/E ratio of -6.97 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) 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 company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the prior year, the company posted ($2.70) earnings per share. Research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of large investors have recently modified their holdings of PRAX. RA Capital Management L.P. acquired a new position in Praxis Precision Medicines during the 1st quarter worth approximately $50,548,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Praxis Precision Medicines in the first quarter valued at $32,707,000. Vanguard Group Inc. boosted its stake in shares of Praxis Precision Medicines by 100.6% in the first 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. Janus Henderson Group PLC acquired a new stake in Praxis Precision Medicines during the 1st quarter valued at $18,878,000. Finally, Baker BROS. Advisors LP increased its stake in Praxis Precision Medicines by 145.6% during the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock worth $18,591,000 after buying an additional 191,572 shares during the period. Institutional investors and hedge funds own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of research analyst reports. Oppenheimer raised their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Wedbush lifted their price target 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. Finally, Guggenheim boosted their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

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.