PFM Health Sciences LP Sells 270,054 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

PFM Health Sciences LP cut its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 59.6% in the third quarter, Holdings Channel reports. The firm owned 183,092 shares of the company’s stock after selling 270,054 shares during the quarter. PFM Health Sciences LP’s holdings in Praxis Precision Medicines were worth $10,535,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PRAX. Vanguard Group Inc. grew its stake in shares of Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after purchasing an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in Praxis Precision Medicines in the first quarter valued at about $32,707,000. PCG Wealth Advisors LLC grew its stake in Praxis Precision Medicines by 35.0% in the second quarter. PCG Wealth Advisors LLC now owns 17,441 shares of the company’s stock valued at $721,000 after acquiring an additional 4,524 shares during the period. Bank of New York Mellon Corp acquired a new position in Praxis Precision Medicines in the second quarter valued at about $2,048,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in Praxis Precision Medicines in the second quarter valued at about $869,000. 67.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Praxis Precision Medicines Stock Performance

PRAX opened at $80.17 on Friday. The business’s 50-day simple moving average is $70.29 and its 200 day simple moving average is $56.68. The firm has a market capitalization of $1.49 billion, a PE ratio of -7.78 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 52-week low of $14.77 and a 52-week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data 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). The business had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same quarter in the prior year, the company earned ($2.70) EPS. On average, research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

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.