Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 3.4% – What’s Next?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) shares traded down 3.4% during mid-day trading on Tuesday . The stock traded as low as $285.95 and last traded at $294.1050. 209,839 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 604,082 shares. The stock had previously closed at $304.58.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRAX shares. Piper Sandler reaffirmed an “overweight” rating and set a $450.00 price target on shares of Praxis Precision Medicines in a research note on Friday, December 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $750.00 target price (up previously from $250.00) on shares of Praxis Precision Medicines in a research report on Monday, December 15th. Chardan Capital raised shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Praxis Precision Medicines in a research note on Monday. Finally, Truist Financial lifted their target price on Praxis Precision Medicines from $360.00 to $500.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $426.20.

Praxis Precision Medicines Stock Down 0.8%

The business’s 50 day simple moving average is $217.87 and its 200 day simple moving average is $112.27. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -22.85 and a beta of 2.95.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Lauren Mastrocola sold 13,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $192.08, for a total value of $2,612,288.00. Following the completion of the sale, the insider directly owned 10,442 shares of the company’s stock, valued at $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $193.09, for a total value of $4,852,351.70. Following the transaction, the general counsel directly owned 20,832 shares in the company, valued at $4,022,450.88. The trade was a 54.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

Several large investors have recently modified their holdings of PRAX. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Praxis Precision Medicines by 13.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after buying an additional 231,827 shares during the period. Cormorant Asset Management LP lifted its position in Praxis Precision Medicines by 3.1% during the first quarter. Cormorant Asset Management LP now owns 1,745,000 shares of the company’s stock worth $66,083,000 after acquiring an additional 51,781 shares during the last quarter. Vanguard Group Inc. lifted its position in Praxis Precision Medicines by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock worth $67,166,000 after acquiring an additional 51,642 shares during the last quarter. Deerfield Management Company L.P. boosted its holdings in shares of Praxis Precision Medicines by 22.4% during the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after acquiring an additional 153,920 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Praxis Precision Medicines by 19.1% during the second quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock worth $25,411,000 after acquiring an additional 96,898 shares during the period. 67.84% of the stock is owned by institutional investors.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.