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

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

Analysts Set New Price Targets

PRAX has been the topic of a number of recent research reports. Wedbush upped their target price on Praxis Precision Medicines from $83.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday. Citigroup restated a “conviction-buy” rating on shares of Praxis Precision Medicines in a research note on Tuesday, December 30th. Guggenheim reaffirmed a “buy” rating on shares of Praxis Precision Medicines in a report on Monday, December 29th. UBS Group set a $750.00 target price on shares of Praxis Precision Medicines in a report on Monday, December 15th. Finally, Chardan Capital raised Praxis Precision Medicines to a “strong-buy” rating in a research report on Wednesday, November 19th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $436.67.

Praxis Precision Medicines Price Performance

The stock has a market capitalization of $7.52 billion, a PE ratio of -23.14 and a beta of 2.85. The stock’s fifty day moving average is $238.07 and its 200-day moving average is $129.27.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($3.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.45) by $0.09. On average, analysts forecast that Praxis Precision Medicines, Inc. will post -10.22 EPS for the current year.

Insider Buying and Selling

In other news, insider Lauren Mastrocola sold 13,600 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 10,442 shares in the company, valued at $2,005,699.36. The trade was a 56.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Alex Nemiroff sold 25,130 shares of the stock in a transaction that occurred on 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 transaction, the general counsel owned 20,832 shares in the company, valued at $4,022,450.88. This trade represents a 54.68% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its stake in Praxis Precision Medicines by 88.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 629 shares of the company’s stock valued at $26,000 after buying an additional 295 shares in the last quarter. CWM LLC raised its holdings in shares of Praxis Precision Medicines by 877.9% during the second quarter. CWM LLC now owns 753 shares of the company’s stock valued at $32,000 after acquiring an additional 676 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Praxis Precision Medicines by 58.7% in the fourth quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Praxis Precision Medicines by 24.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock worth $77,000 after acquiring an additional 359 shares during the last quarter. Finally, AlphaQuest LLC increased its position in shares of Praxis Precision Medicines by 1,623.3% during the third quarter. AlphaQuest LLC now owns 1,999 shares of the company’s stock worth $106,000 after purchasing an additional 1,883 shares in the last quarter. Institutional investors and hedge funds 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.