Ellsworth Advisors LLC Takes $627,000 Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Ellsworth Advisors LLC purchased a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,150 shares of the company's stock, valued at approximately $627,000.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. grew its stake in Praxis Precision Medicines by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company's stock valued at $450,000 after acquiring an additional 448 shares during the period. Amalgamated Bank bought a new position in shares of Praxis Precision Medicines during the 2nd quarter valued at about $25,000. US Bancorp DE grew its position in shares of 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 purchasing an additional 605 shares during the period. Quarry LP bought a new stake in Praxis Precision Medicines during the 2nd quarter worth approximately $83,000. Finally, Intech Investment Management LLC acquired a new stake in Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

NASDAQ PRAX traded up $7.72 during trading hours on Tuesday, hitting $78.26. 505,828 shares of the company traded hands, compared to its average volume of 333,244. The business's 50-day moving average is $74.15 and its 200-day moving average is $64.73. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -7.60 and a beta of 2.66. Praxis Precision Medicines, Inc. has a twelve month low of $33.01 and a twelve month high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its earnings results 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 firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the business posted ($2.70) earnings per share. Analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. 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. HC Wainwright reiterated a "buy" rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Truist Financial lifted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, 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. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and an average price target of $149.11.

Insider Activity

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares of the company's stock, valued at $459,031.14. This represents a 48.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of the company's stock in a transaction that occurred 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 transaction, the general counsel now directly owns 10,301 shares in the company, valued at $826,140.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Praxis Precision Medicines 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.