Walleye Capital LLC Buys New Shares in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Walleye Capital LLC bought a new stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 55,613 shares of the company's stock, valued at approximately $3,200,000. Walleye Capital LLC owned about 0.30% of Praxis Precision Medicines at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PRAX. CIBC Asset Management Inc raised its holdings in shares of Praxis Precision Medicines by 29.2% in the third 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 during the last quarter. Vanguard Group Inc. raised its holdings 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 worth $45,403,000 after acquiring an additional 373,131 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Praxis Precision Medicines by 523.2% in the second quarter. Renaissance Technologies LLC now owns 75,433 shares of the company's stock worth $3,120,000 after acquiring an additional 63,329 shares during the last quarter. TD Asset Management Inc increased its stake in Praxis Precision Medicines by 46.6% in the second quarter. TD Asset Management Inc now owns 51,312 shares of the company's stock valued at $2,122,000 after purchasing an additional 16,312 shares during the last quarter. Finally, Moody Aldrich Partners LLC increased its stake in Praxis Precision Medicines by 29.6% in the third quarter. Moody Aldrich Partners LLC now owns 31,605 shares of the company's stock valued at $1,819,000 after purchasing an additional 7,224 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Praxis Precision Medicines Stock Down 7.4 %

NASDAQ:PRAX traded down $5.75 during trading hours on Tuesday, reaching $72.11. 250,719 shares of the stock were exchanged, compared to its average volume of 284,969. The firm has a 50 day simple moving average of $70.72 and a 200-day simple moving average of $57.07. Praxis Precision Medicines, Inc. has a 52 week low of $14.77 and a 52 week high of $86.93. The stock has a market capitalization of $1.34 billion, a P/E ratio of -7.00 and a beta of 2.67.

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 for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. During the same period in the prior year, the business earned ($2.70) earnings per share. As a group, analysts expect that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines 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 completion of the sale, the insider now directly owns 5,613 shares in the company, valued at $459,031.14. This represents a 48.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction on Thursday, November 14th. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PRAX has been the subject of several analyst reports. Oppenheimer upped their target price 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. Wedbush upped their target price 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 upped their price target on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. Needham & Company LLC restated a "buy" rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $146.33.

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.