Praxis Precision Medicines (NASDAQ:PRAX) Director Sells $3,611,312.00 in Stock

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Director Jill Desimone sold 11,600 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total transaction of $3,611,312.00. Following the transaction, the director owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Praxis Precision Medicines Price Performance

Shares of PRAX opened at $327.79 on Monday. The company has a market cap of $9.14 billion, a price-to-earnings ratio of -24.52 and a beta of 2.71. Praxis Precision Medicines, Inc. has a twelve month low of $37.19 and a twelve month high of $366.52. The company has a 50 day moving average of $314.02 and a two-hundred day moving average of $307.77.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, sell-side analysts expect that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PRAX shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Oppenheimer reissued an “outperform” rating and issued a $650.00 price target (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Raymond James Financial started coverage on Praxis Precision Medicines in a research note on Friday, April 10th. They set a “strong-buy” rating and a $815.00 price target on the stock. HC Wainwright cut their price objective on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating on the stock in a report on Tuesday, June 2nd. Finally, Robert W. Baird decreased their price objective on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $566.21.

Hedge Funds Weigh In On Praxis Precision Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its stake in Praxis Precision Medicines by 6.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company’s stock valued at $1,113,514,000 after purchasing an additional 218,777 shares during the last quarter. Perceptive Advisors LLC raised its stake in shares of Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company’s stock worth $655,974,000 after purchasing an additional 40,000 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Praxis Precision Medicines by 13.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after purchasing an additional 231,827 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company’s stock worth $430,595,000 after purchasing an additional 193,647 shares during the period. Finally, Orbis Allan Gray Ltd purchased a new stake in Praxis Precision Medicines in the fourth quarter valued at approximately $369,946,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing precision therapies for disorders driven by neuronal excitability. The company applies translational neuroscience and genetic insights to design small molecule drugs that target specific ion channels and receptor subtypes implicated in neurological and psychiatric conditions. Its research aims to address unmet needs in rare epilepsies, essential tremor, treatment-resistant depression and other central nervous system (CNS) disorders.

The company’s pipeline includes several lead candidates at various stages of development.