Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 6.1% – Should You Sell?

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) fell 6.1% on Monday . The stock traded as low as $274.82 and last traded at $270.77. 44,927 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 532,664 shares. The stock had previously closed at $288.45.

Analyst Ratings Changes

A number of research firms recently issued reports on PRAX. Guggenheim reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a research note on Monday, December 29th. Chardan Capital upgraded shares of Praxis Precision Medicines to a “strong-buy” rating in a report on Wednesday, November 19th. Citigroup reissued a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. UBS Group set a $750.00 target price on Praxis Precision Medicines in a research note on Monday, December 15th. Finally, Cowen reissued a “buy” rating on shares of Praxis Precision Medicines in a research report on Friday, January 2nd. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $436.67.

Praxis Precision Medicines Stock Performance

The business’s fifty day moving average price is $231.34 and its two-hundred day moving average price is $124.77. The firm has a market capitalization of $6.95 billion, a P/E ratio of -21.38 and a beta of 2.85.

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 the consensus estimate of ($3.45) by $0.09. Sell-side analysts predict that Praxis Precision Medicines, Inc. will post -10.22 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the business. Woodline Partners LP grew its position in Praxis Precision Medicines by 808.9% during the 3rd quarter. Woodline Partners LP now owns 417,669 shares of the company’s stock worth $22,136,000 after purchasing an additional 371,717 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in shares of Praxis Precision Medicines by 13.3% in 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 buying an additional 231,827 shares during the last quarter. Vivo Capital LLC acquired a new stake in Praxis Precision Medicines during the second quarter worth about $7,048,000. Deerfield Management Company L.P. raised its position in Praxis Precision Medicines by 22.4% during the third quarter. Deerfield Management Company L.P. now owns 840,851 shares of the company’s stock valued at $44,565,000 after acquiring an additional 153,920 shares in the last quarter. Finally, Algert Global LLC lifted its holdings in Praxis Precision Medicines by 483.3% in the third quarter. Algert Global LLC now owns 160,818 shares of the company’s stock valued at $8,523,000 after acquiring an additional 133,248 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Company Profile

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.