Praxis Precision Medicines (NASDAQ:PRAX) Trading Down 6.1% – Here’s Why

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) dropped 6.1% during trading on Monday . The company traded as low as $274.82 and last traded at $270.77. Approximately 44,927 shares were traded during trading, a decline of 92% from the average daily volume of 532,664 shares. The stock had previously closed at $288.45.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PRAX shares. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Jefferies Financial Group restated a “buy” rating and set a $450.00 target price (up from $300.00) on shares of Praxis Precision Medicines in a report on Tuesday, December 9th. Jones Trading initiated coverage on Praxis Precision Medicines in a research report on Thursday, September 18th. They set a “buy” rating and a $83.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $460.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, January 5th. Finally, Wedbush raised their target price on shares of Praxis Precision Medicines from $83.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $436.67.

Praxis Precision Medicines Stock Performance

The firm has a market capitalization of $6.95 billion, a PE ratio of -21.38 and a beta of 2.85. The stock’s 50-day simple moving average is $231.34 and its 200-day simple moving average is $124.77.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.45) by $0.09. As a group, analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Alex Nemiroff sold 25,130 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $193.09, for a total value of $4,852,351.70. Following the sale, the general counsel directly owned 20,832 shares of the company’s stock, valued at $4,022,450.88. This represents a 54.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lauren Mastrocola sold 13,600 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $192.08, for a total transaction of $2,612,288.00. Following the transaction, the insider directly owned 10,442 shares of the company’s stock, valued at approximately $2,005,699.36. This trade represents a 56.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. raised its holdings in Praxis Precision Medicines by 13.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,974,585 shares of the company’s stock worth $83,031,000 after acquiring an additional 231,827 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Praxis Precision Medicines by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,267,286 shares of the company’s stock valued at $67,166,000 after acquiring an additional 51,642 shares during the period. Deerfield Management Company L.P. increased its position in Praxis Precision Medicines by 22.4% in the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock worth $44,565,000 after buying an additional 153,920 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Praxis Precision Medicines by 19.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 604,298 shares of the company’s stock worth $25,411,000 after acquiring an additional 96,898 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Praxis Precision Medicines by 12.7% during the 3rd quarter. Bank of America Corp DE now owns 482,861 shares of the company’s stock valued at $25,592,000 after buying an additional 54,458 shares in the last quarter. 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.