Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 6.5% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price dropped 6.5% on Tuesday . The stock traded as low as $72.73 and last traded at $72.80. Approximately 90,860 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 284,252 shares. The stock had previously closed at $77.86.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Guggenheim increased their price objective on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Needham & Company LLC reiterated a “buy” rating and set a $151.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Wedbush increased their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, Oppenheimer raised their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Praxis Precision Medicines Trading Up 2.9 %

The firm has a market cap of $1.38 billion, a PE ratio of -7.20 and a beta of 2.67. The firm has a fifty day simple moving average of $70.98 and a two-hundred day simple moving average of $57.26.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share 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 company had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.53 million. During the same quarter in the prior year, the business earned ($2.70) earnings per share. Equities analysts expect 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 that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the transaction, the insider now owns 5,613 shares in the company, valued at approximately $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $80.20, for a total transaction of $660,767.80. Following the completion of the transaction, the general counsel now owns 10,301 shares of the company’s stock, valued at $826,140.20. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Praxis Precision Medicines by 100.6% during the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock worth $45,403,000 after buying an additional 373,131 shares during the last quarter. PCG Wealth Advisors LLC lifted its position in shares of Praxis Precision Medicines by 35.0% during the 2nd quarter. PCG Wealth Advisors LLC now owns 17,441 shares of the company’s stock worth $721,000 after buying an additional 4,524 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $2,048,000. Hussman Strategic Advisors Inc. purchased a new stake in shares of Praxis Precision Medicines during the 2nd quarter worth approximately $869,000. Finally, Rhumbline Advisers lifted its position in shares of Praxis Precision Medicines by 14,500.0% during the 2nd quarter. Rhumbline Advisers now owns 22,192 shares of the company’s stock worth $918,000 after buying an additional 22,040 shares during the last quarter. 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.