Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 8.9% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares dropped 8.9% during trading on Friday . The stock traded as low as $67.00 and last traded at $67.13. Approximately 113,363 shares changed hands during trading, a decline of 55% from the average daily volume of 249,191 shares. The stock had previously closed at $73.68.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PRAX shares. Oppenheimer boosted 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. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $151.00 target price on shares of Praxis Precision Medicines in a report 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 data from MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Trading Down 14.3 %

The company has a market capitalization of $1.18 billion, a P/E ratio of -6.13 and a beta of 2.66. The stock has a 50 day moving average price of $74.98 and a 200 day moving average price of $63.38.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same period in the previous year, the business posted ($2.70) earnings per share. On average, research analysts predict that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. The trade was 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 company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Institutional Trading of Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRAX. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at about $25,000. Quarry LP acquired a new position in Praxis Precision Medicines in the second quarter valued at approximately $83,000. US Bancorp DE boosted its holdings 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 worth $132,000 after buying an additional 605 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Praxis Precision Medicines during the 3rd quarter worth approximately $231,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

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.