Praxis Precision Medicines (NASDAQ:PRAX) Stock Price Down 8.9% – Time to Sell?

Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s stock price fell 8.9% during trading on Friday . The company traded as low as $67.00 and last traded at $67.13. 113,363 shares were traded during mid-day trading, a decline of 55% from the average session volume of 249,191 shares. The stock had previously closed at $73.68.

Analyst Ratings Changes

Several analysts have recently issued reports on PRAX shares. Needham & Company LLC restated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Finally, Oppenheimer lifted their target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Praxis Precision Medicines has a consensus rating of “Moderate Buy” and an average price target of $146.33.

Praxis Precision Medicines Price Performance

The firm has a 50-day moving average price of $75.09 and a two-hundred day moving average price of $63.05. The firm has a market capitalization of $1.23 billion, a P/E ratio of -6.39 and a beta of 2.66.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its earnings results on Wednesday, November 6th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the company earned ($2.70) earnings per share. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in shares of Praxis Precision Medicines during the second quarter valued at about $2,048,000. Rhumbline Advisers lifted its stake in shares of Praxis Precision Medicines by 14,500.0% during the second 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 period. TD Asset Management Inc grew its holdings in shares of Praxis Precision Medicines by 46.6% during the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock valued at $2,122,000 after buying an additional 16,312 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Praxis Precision Medicines by 523.2% in the 2nd quarter. Renaissance Technologies LLC now owns 75,433 shares of the company’s stock valued at $3,120,000 after acquiring an additional 63,329 shares during the period. Finally, Amalgamated Bank purchased a new position in Praxis Precision Medicines in the 2nd quarter worth $25,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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.