Verition Fund Management LLC Sells 189,169 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Verition Fund Management LLC trimmed its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 25.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 559,151 shares of the company’s stock after selling 189,169 shares during the quarter. Verition Fund Management LLC owned 3.00% of Praxis Precision Medicines worth $32,174,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD bought a new position in shares of Praxis Precision Medicines during the first quarter valued at about $32,707,000. Vanguard Group Inc. raised its position in Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after purchasing an additional 373,131 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in Praxis Precision Medicines in the 1st quarter worth approximately $18,878,000. Marshall Wace LLP grew its position in shares of Praxis Precision Medicines by 105.2% in the 2nd quarter. Marshall Wace LLP now owns 248,381 shares of the company’s stock worth $10,273,000 after buying an additional 127,357 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Praxis Precision Medicines by 10.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock worth $43,498,000 after buying an additional 97,561 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.

Praxis Precision Medicines Trading Down 0.3 %

PRAX stock opened at $79.45 on Friday. The firm has a 50 day moving average price of $69.59 and a 200-day moving average price of $56.27. Praxis Precision Medicines, Inc. has a 52-week low of $14.77 and a 52-week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($2.01) by ($0.74). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period last year, the firm posted ($2.70) earnings per share. Research analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Praxis Precision Medicines

In related 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 value of $424,274.64. Following the completion of the sale, the insider now directly owns 5,613 shares in the company, valued at approximately $459,031.14. This trade represents a 48.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $660,767.80. Following the transaction, the general counsel now owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Analyst Ratings Changes

PRAX has been the subject of a number of recent analyst reports. Guggenheim upped their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Wedbush raised their target price on shares of Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. Oppenheimer lifted their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $151.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average price target of $146.33.

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.