Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 8.9% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) dropped 8.9% on Friday . The stock traded as low as $67.00 and last traded at $67.13. Approximately 113,363 shares changed hands during trading, a decline of 55% from the average daily volume of 249,191 shares. The stock had previously closed at $73.68.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PRAX shares. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Finally, Oppenheimer boosted their price objective 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 equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Price Performance

The company has a market cap of $1.18 billion, a P/E ratio of -6.13 and a beta of 2.66. The stock has a fifty day moving average price of $74.98 and a two-hundred day moving average price of $63.38.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data 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 company had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. During the same quarter last year, the business posted ($2.70) earnings per share. Equities analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the firm’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 completion of the sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at $826,140.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was 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 $459,031.14. This trade represents a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Praxis Precision Medicines

A number of large investors have recently added to or reduced their stakes in the stock. Amalgamated Bank bought a new stake in shares of Praxis Precision Medicines in the second quarter valued at $25,000. Quarry LP purchased a new stake in Praxis Precision Medicines in the 2nd quarter worth about $83,000. US Bancorp DE raised its stake in Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after acquiring an additional 605 shares during the period. Intech Investment Management LLC bought a new stake in Praxis Precision Medicines in the 3rd quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in Praxis Precision Medicines during the third quarter valued at about $231,000. Hedge funds and other 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.