Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Sold by Acuta Capital Partners LLC

Acuta Capital Partners LLC lowered its holdings in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 65.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,500 shares of the company's stock after selling 106,931 shares during the quarter. Praxis Precision Medicines makes up 2.7% of Acuta Capital Partners LLC's portfolio, making the stock its 15th biggest holding. Acuta Capital Partners LLC owned approximately 0.31% of Praxis Precision Medicines worth $3,309,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new stake in Praxis Precision Medicines during the 2nd quarter valued at approximately $25,000. Quarry LP bought a new position in shares of Praxis Precision Medicines during the second quarter worth $83,000. US Bancorp DE grew 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 acquiring an additional 605 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines during the 3rd quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in shares of Praxis Precision Medicines during the third quarter valued at about $231,000. Institutional investors own 67.84% of the company's stock.

Analyst Ratings Changes

PRAX has been the subject of a number of research reports. HC Wainwright reissued a "buy" rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Wedbush increased their price objective on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the company a "neutral" rating in a research report on Wednesday, August 14th. Guggenheim boosted their target price on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Needham & Company LLC reaffirmed 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 stock an "outperform" rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of "Moderate Buy" and an average target price of $146.33.

Praxis Precision Medicines Stock Down 0.3 %

PRAX stock traded down $0.21 during trading on Thursday, hitting $79.45. The company had a trading volume of 175,525 shares, compared to its average volume of 286,261. The firm has a market capitalization of $1.48 billion, a P/E ratio of -7.71 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. The company has a 50 day simple moving average of $69.59 and a 200-day simple moving average of $56.27.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last posted its quarterly 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). The company had revenue of $0.30 million for 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 period in the prior year, the firm posted ($2.70) EPS. Sell-side analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Transactions at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the business'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 transaction of $660,767.80. Following the sale, the general counsel now owns 10,301 shares of the company's stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lauren Mastrocola sold 5,188 shares of the firm's stock in a transaction on 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 of the company's stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company's stock.

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.