RA Capital Management L.P. Has $43.84 Million Position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

RA Capital Management L.P. lowered its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 38.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 761,955 shares of the company's stock after selling 473,644 shares during the quarter. RA Capital Management L.P. owned about 4.09% of Praxis Precision Medicines worth $43,843,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRAX. Amalgamated Bank acquired a new stake in shares of Praxis Precision Medicines in the second quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of Praxis Precision Medicines during the second quarter worth approximately $83,000. US Bancorp DE raised its position in shares of Praxis Precision Medicines by 35.9% during 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 last quarter. Intech Investment Management LLC acquired a new position in Praxis Precision Medicines in the third quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in Praxis Precision Medicines during the third quarter worth about $231,000. Institutional investors and hedge funds own 67.84% of the company's stock.

Insider Buying and Selling at Praxis Precision Medicines

In other news, 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 completion of the sale, the insider now 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the business'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 transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company's stock.

Analyst Upgrades and Downgrades

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

Praxis Precision Medicines Trading Down 7.5 %

Shares of NASDAQ PRAX traded down $5.55 during midday trading on Thursday, reaching $68.65. The company's stock had a trading volume of 110,090 shares, compared to its average volume of 283,538. Praxis Precision Medicines, Inc. has a fifty-two week low of $14.77 and a fifty-two week high of $86.93. The stock has a 50 day simple moving average of $71.30 and a 200-day simple moving average of $57.38. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -6.64 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same period last year, the firm earned ($2.70) earnings per share. As a group, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

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.