Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Shares Sold by Acuta Capital Partners LLC

Acuta Capital Partners LLC lowered its stake in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 65.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 57,500 shares of the company’s stock after selling 106,931 shares during the quarter. Praxis Precision Medicines accounts for about 2.7% of Acuta Capital Partners LLC’s portfolio, making the stock its 15th biggest holding. Acuta Capital Partners LLC owned 0.31% of Praxis Precision Medicines worth $3,309,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new stake in shares of Praxis Precision Medicines in the second quarter valued at about $25,000. US Bancorp DE lifted its stake in Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares in the last quarter. Quarry LP acquired a new stake in Praxis Precision Medicines in the 2nd quarter worth about $83,000. Intech Investment Management LLC purchased a new stake in Praxis Precision Medicines during the 3rd quarter worth approximately $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in shares of Praxis Precision Medicines during the third quarter valued at approximately $231,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Trading Down 0.3 %

Shares of PRAX opened at $79.45 on Thursday. The firm has a market cap of $1.48 billion, a P/E ratio of -7.71 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 12-month low of $14.77 and a 12-month high of $86.93. The company’s 50-day moving average price is $69.59 and its 200 day moving average price is $56.27.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.74). Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. The company had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.53 million. During the same period last year, the firm posted ($2.70) earnings per share. Equities research analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insiders Place Their Bets

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the transaction, the insider now directly owns 5,613 shares of the company’s stock, valued at $459,031.14. The trade was a 48.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total transaction of $660,767.80. Following the sale, the general counsel now directly owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on PRAX. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer increased their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Wedbush boosted their price objective on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Guggenheim raised their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.33.

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.