Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down After Insider Selling

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s share price gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $71.76, but opened at $69.74. Praxis Precision Medicines shares last traded at $69.11, with a volume of 25,968 shares changing hands.

Specifically, 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 transaction of $424,274.64. Following the sale, the insider now owns 5,613 shares of the company's stock, valued at $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wedbush boosted their price target on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a "neutral" rating in a research note on Wednesday, August 14th. Guggenheim increased their price target on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. Needham & Company LLC reaffirmed a "buy" rating and issued a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, HC Wainwright reiterated a "buy" rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $146.33.

Praxis Precision Medicines Stock Down 0.3 %

The firm has a market cap of $1.33 billion, a P/E ratio of -6.74 and a beta of 2.67. The business's 50 day moving average is $67.00 and its two-hundred day moving average is $55.01.

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 (EPS) for the quarter, missing analysts' consensus estimates 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 quarter in the previous year, the company posted ($2.70) earnings per share. Equities research analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. increased its position in Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company's stock valued at $43,498,000 after buying an additional 97,561 shares in the last quarter. RA Capital Management L.P. purchased a new position in Praxis Precision Medicines in the first quarter valued at approximately $50,548,000. Vanguard Group Inc. raised its position in shares of Praxis Precision Medicines by 100.6% in the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company's stock valued at $45,403,000 after purchasing an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Praxis Precision Medicines in the 1st quarter worth about $32,707,000. Finally, Janus Henderson Group PLC raised its position in shares of Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company's stock worth $30,079,000 after buying an additional 141,881 shares in the last quarter. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Company 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.