Insider Selling: Praxis Precision Medicines (NASDAQ:PRAX) General Counsel Sells 25,130 Shares of Stock

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) General Counsel Alex Nemiroff sold 25,130 shares of the firm’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 transaction 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. This represents a 54.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX traded up $5.71 during midday trading on Friday, reaching $169.80. The company’s stock had a trading volume of 1,740,724 shares, compared to its average volume of 815,940. The company has a market cap of $4.25 billion, a P/E ratio of -13.16 and a beta of 2.82. The business’s 50 day moving average price is $121.11 and its two-hundred day moving average price is $71.57. Praxis Precision Medicines, Inc. has a fifty-two week low of $26.70 and a fifty-two week high of $206.71.

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

Analyst Ratings Changes

A number of brokerages recently commented on PRAX. Jefferies Financial Group restated a “buy” rating and issued a $300.00 price target (up previously from $65.00) on shares of Praxis Precision Medicines in a research report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $280.00 price target (up previously from $65.00) on shares of Praxis Precision Medicines in a research report on Friday, October 17th. Guggenheim reissued a “buy” rating and issued a $540.00 price objective on shares of Praxis Precision Medicines in a research note on Thursday, November 6th. Jones Trading started coverage on Praxis Precision Medicines in a research note on Thursday, September 18th. They set a “buy” rating and a $83.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Praxis Precision Medicines in a report on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $257.50.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently added to or reduced their stakes in the stock. Woodline Partners LP lifted its stake in Praxis Precision Medicines by 808.9% in the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock valued at $22,136,000 after purchasing an additional 371,717 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Praxis Precision Medicines during the third quarter worth $1,149,000. Alyeska Investment Group L.P. lifted its stake in shares of Praxis Precision Medicines by 13.2% in the 3rd quarter. Alyeska Investment Group L.P. now owns 141,516 shares of the company’s stock valued at $7,500,000 after acquiring an additional 16,516 shares during the last quarter. Vivo Capital LLC boosted its holdings in shares of Praxis Precision Medicines by 18.7% during the 3rd quarter. Vivo Capital LLC now owns 198,895 shares of the company’s stock valued at $10,541,000 after acquiring an additional 31,295 shares in the last quarter. Finally, Quarry LP grew its position in Praxis Precision Medicines by 316.7% during the 3rd quarter. Quarry LP now owns 20,001 shares of the company’s stock worth $1,060,000 after acquiring an additional 15,201 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

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.