Praxis Precision Medicines (NASDAQ:PRAX) Shares Gap Down to $20.01

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $20.01, but opened at $19.43. Praxis Precision Medicines shares last traded at $19.28, with a volume of 110 shares traded.

A number of equities analysts have recently commented on the company. Zacks Investment Research downgraded Praxis Precision Medicines from a “hold” rating to a “sell” rating in a research report on Saturday, July 24th. Bank of America began coverage on Praxis Precision Medicines in a report on Thursday, August 26th. They issued a “buy” rating and a $28.00 target price on the stock. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $52.25.

The business has a 50-day simple moving average of $18.87 and a two-hundred day simple moving average of $20.86. The company has a market cap of $862.07 million and a price-to-earnings ratio of -1.37.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings results on Monday, August 16th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.20). On average, research analysts anticipate that Praxis Precision Medicines, Inc. will post -3.56 EPS for the current year.

In other Praxis Precision Medicines news, major shareholder Parallel Master Fund L.P. Bsof sold 40,000 shares of the stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $15.78, for a total value of $631,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Marcio Souza purchased 9,542 shares of the business’s stock in a transaction dated Wednesday, August 18th. The stock was bought at an average cost of $15.79 per share, for a total transaction of $150,668.18. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 457,796 shares of company stock worth $8,513,859. 8.80% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PRAX. Royal Bank of Canada grew its holdings in shares of Praxis Precision Medicines by 204.2% in the 1st quarter. Royal Bank of Canada now owns 864 shares of the company’s stock valued at $28,000 after acquiring an additional 580 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Praxis Precision Medicines by 106.9% during the second quarter. Ameritas Investment Partners Inc. now owns 1,912 shares of the company’s stock worth $35,000 after purchasing an additional 988 shares during the period. Legal & General Group Plc grew its holdings in Praxis Precision Medicines by 156.7% during the second quarter. Legal & General Group Plc now owns 2,952 shares of the company’s stock worth $54,000 after purchasing an additional 1,802 shares during the period. Metropolitan Life Insurance Co NY lifted its position in Praxis Precision Medicines by 207,350.0% during the second quarter. Metropolitan Life Insurance Co NY now owns 8,298 shares of the company’s stock worth $152,000 after acquiring an additional 8,294 shares during the last quarter. Finally, Virtus ETF Advisers LLC acquired a new stake in Praxis Precision Medicines during the second quarter worth approximately $197,000. Institutional investors own 92.10% of the company’s stock.

About Praxis Precision Medicines (NASDAQ:PRAX)

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, develops therapies for central nervous system disorders characterized by neuronal imbalance. Its lead product candidates include PRAX-114, an extrasynaptic-preferring GABAA receptor positive allosteric modulator that is in Phase IIa clinical trial for the treatment of major depressive disorder and perimenopausal depression; and PRAX-944, a selective small molecule inhibitor of T-type calcium channels, which is in Phase IIa clinical trial for the treatment of essential tremor.

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