Praxis Precision Medicines (NASDAQ:PRAX) Director Jill Desimone Sells 11,600 Shares of Stock

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the transaction, the director directly owned 2,337 shares of the company’s stock, valued at $727,554.84. This represents a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Praxis Precision Medicines Stock Down 0.0%

Shares of NASDAQ:PRAX opened at $327.79 on Friday. Praxis Precision Medicines, Inc. has a 12 month low of $37.19 and a 12 month high of $366.52. The company’s 50-day moving average price is $314.02 and its two-hundred day moving average price is $307.51. The firm has a market cap of $9.14 billion, a P/E ratio of -24.52 and a beta of 2.71.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.58) by $0.38. As a group, equities analysts predict that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PRAX shares. Truist Financial set a $616.00 price objective on Praxis Precision Medicines and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Oppenheimer reissued an “outperform” rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Praxis Precision Medicines in a research report on Wednesday, May 27th. Finally, Robert W. Baird dropped their price target on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an “outperform” rating for the company in a research note on Tuesday, June 2nd. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $566.21.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently made changes to their positions in PRAX. NBC Securities Inc. acquired a new position in Praxis Precision Medicines in the fourth quarter valued at about $38,000. Parallel Advisors LLC grew its position in shares of Praxis Precision Medicines by 3,000.0% during the 1st quarter. Parallel Advisors LLC now owns 124 shares of the company’s stock worth $40,000 after buying an additional 120 shares during the period. Danske Bank A S acquired a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $59,000. GAMMA Investing LLC increased its stake in shares of Praxis Precision Medicines by 58.7% in the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company’s stock valued at $70,000 after acquiring an additional 88 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Praxis Precision Medicines by 24.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the company’s stock valued at $77,000 after acquiring an additional 359 shares during the last quarter. 67.84% of the stock is 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.