Verition Fund Management LLC Lowers Stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Verition Fund Management LLC trimmed its stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 25.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 559,151 shares of the company's stock after selling 189,169 shares during the period. Verition Fund Management LLC owned about 3.00% of Praxis Precision Medicines worth $32,174,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of PRAX. Point72 Asset Management L.P. grew its stake in shares of Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company's stock worth $43,498,000 after purchasing an additional 97,561 shares during the period. Vanguard Group Inc. grew its position in Praxis Precision Medicines by 100.6% during the first quarter. Vanguard Group Inc. now owns 744,069 shares of the company's stock valued at $45,403,000 after buying an additional 373,131 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in Praxis Precision Medicines in the first quarter valued at $32,707,000. Janus Henderson Group PLC acquired a new position in shares of Praxis Precision Medicines in the first quarter worth about $18,878,000. Finally, CIBC Asset Management Inc boosted its stake in shares of Praxis Precision Medicines by 29.2% during the 3rd quarter. CIBC Asset Management Inc now owns 248,939 shares of the company's stock worth $14,324,000 after acquiring an additional 56,272 shares in the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Performance

Shares of PRAX stock traded up $0.72 during trading hours on Friday, reaching $80.17. The company had a trading volume of 146,646 shares, compared to its average volume of 285,657. Praxis Precision Medicines, Inc. has a 12-month low of $14.77 and a 12-month high of $86.93. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -7.78 and a beta of 2.67. The stock has a fifty day moving average of $70.29 and a 200-day moving average of $56.75.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) 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 company had revenue of $0.30 million during the quarter, compared to analysts' expectations of $0.53 million. During the same quarter in the previous year, the company earned ($2.70) earnings per share. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Analyst Ratings Changes

PRAX has been the subject of a number of analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer boosted their price target on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. 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 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 research note on Wednesday, August 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and an average price target of $146.33.

Insider Activity at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 5,188 shares of the company's 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 transaction, the insider now directly owns 5,613 shares in the company, valued at approximately $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction that occurred 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 completion of the transaction, the general counsel now owns 10,301 shares of the company's stock, valued at $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. 2.70% of the stock is currently owned by insiders.

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.