Insider Selling: Praxis Precision Medicines, Inc. (NASDAQ:PRAX) General Counsel Sells $660,767.80 in Stock

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) General Counsel Alex Nemiroff sold 8,239 shares of the business’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 sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Praxis Precision Medicines Price Performance

NASDAQ:PRAX opened at $71.76 on Monday. The firm has a 50-day moving average of $67.00 and a two-hundred day moving average of $55.01. The stock has a market cap of $1.34 billion, a P/E ratio of -6.97 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 1-year low of $13.98 and a 1-year high of $86.93.

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 analysts’ consensus estimates 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 business had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same quarter last year, the business earned ($2.70) EPS. As a group, equities analysts expect that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on PRAX shares. Needham & Company LLC reissued a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Wedbush lifted their target price 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. Oppenheimer increased 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. Finally, Guggenheim boosted their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in Praxis Precision Medicines during the 2nd quarter worth $25,000. Quarry LP acquired a new position in Praxis Precision Medicines in the second quarter worth about $83,000. US Bancorp DE raised its stake in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Praxis Precision Medicines during the first quarter valued at approximately $150,000. Finally, Intech Investment Management LLC bought a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. 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.