Praxis Precision Medicines, Inc. (NASDAQ:PRAX) General Counsel Sells $660,767.80 in Stock

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) General Counsel Alex Nemiroff sold 8,239 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This represents a 44.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $71.76 on Monday. The firm’s 50 day moving average is $67.00 and its 200-day moving average is $55.01. Praxis Precision Medicines, Inc. has a 12-month low of $13.98 and a 12-month high of $86.93. The stock has a market capitalization of $1.34 billion, a P/E ratio of -6.97 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its 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 company had revenue of $0.30 million during the quarter, compared to analyst estimates 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 firm earned ($2.70) earnings per share. As a group, equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors have recently bought and sold shares of the stock. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines in the second quarter worth about $25,000. Quarry LP purchased a new stake in shares of Praxis Precision Medicines in the 2nd quarter valued at approximately $83,000. US Bancorp DE lifted its position in shares of Praxis Precision Medicines by 35.9% in 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 in the last quarter. SG Americas Securities LLC acquired a new position in Praxis Precision Medicines in the 1st quarter worth approximately $150,000. Finally, Intech Investment Management LLC purchased a new position in Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of research reports. Wedbush increased 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Guggenheim increased their price objective on shares of Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. 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. Finally, Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and an average price target of $146.33.

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.