Walleye Capital LLC Buys Shares of 55,613 Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Walleye Capital LLC purchased a new position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 55,613 shares of the company’s stock, valued at approximately $3,200,000. Walleye Capital LLC owned about 0.30% of Praxis Precision Medicines at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in PRAX. Amalgamated Bank bought a new position in Praxis Precision Medicines in the second quarter valued at $25,000. Quarry LP purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter worth about $83,000. US Bancorp DE increased its position in shares of Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Praxis Precision Medicines during the 3rd quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new stake in Praxis Precision Medicines in the 3rd quarter worth approximately $231,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. The trade was a 44.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. This represents a 48.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Praxis Precision Medicines Price Performance

PRAX opened at $77.86 on Tuesday. Praxis Precision Medicines, Inc. has a one year low of $14.77 and a one year high of $86.93. The business has a 50 day simple moving average of $70.29 and a two-hundred day simple moving average of $56.84. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -7.65 and a beta of 2.67.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.53 million. During the same period last year, the firm posted ($2.70) earnings per share. As a group, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -10.26 EPS for the current fiscal year.

Praxis Precision Medicines 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.