Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report)'s stock price fell 8.9% during trading on Friday . The company traded as low as $67.00 and last traded at $67.13. 113,363 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 249,191 shares. The stock had previously closed at $73.68.
Wall Street Analyst Weigh In
A number of analysts have weighed in on PRAX shares. HC Wainwright restated a "buy" rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Needham & Company LLC restated a "buy" rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, Oppenheimer raised their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $146.33.
View Our Latest Analysis on PRAX
Praxis Precision Medicines Stock Down 14.3 %
The firm has a market cap of $1.18 billion, a PE ratio of -6.13 and a beta of 2.66. The stock has a 50 day moving average price of $74.98 and a two-hundred day moving average price of $63.21.
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). The company had revenue of $0.30 million for the quarter, compared to analysts' expectations 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 in the prior year, the firm posted ($2.70) EPS. As a group, equities analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.
Insider Activity at Praxis Precision Medicines
In related news, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction that occurred on 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 owns 5,613 shares in the company, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the firm's stock in a transaction that occurred 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 directly owns 10,301 shares of the company's stock, valued at $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. JPMorgan Chase & Co. boosted its holdings in Praxis Precision Medicines by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 7,814 shares of the company's stock worth $450,000 after buying an additional 448 shares in the last quarter. Amalgamated Bank purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth about $25,000. US Bancorp DE grew 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 period. Quarry LP purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at about $83,000. Finally, Intech Investment Management LLC acquired a new position in Praxis Precision Medicines in the 3rd quarter worth about $217,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.
About Praxis Precision Medicines
(
Get Free Report)
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.
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