Praxis Precision Medicines (NASDAQ:PRAX) Sees Large Volume Increase – Here’s What Happened

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw strong trading volume on Monday . 851,431 shares were traded during trading, an increase of 199% from the previous session’s volume of 285,065 shares.The stock last traded at $73.29 and had previously closed at $70.18.

Analyst Ratings Changes

Several analysts have recently commented on the stock. 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. Oppenheimer raised their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.33.

Praxis Precision Medicines Trading Up 3.6 %

The firm has a market capitalization of $1.36 billion, a PE ratio of -6.81 and a beta of 2.67. The business’s 50 day simple moving average is $72.65 and its 200 day simple moving average is $58.74.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings data 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 business had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.53 million. During the same period in the previous year, the business earned ($2.70) earnings per share. Analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $81.78, for a total transaction 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 approximately $459,031.14. The trade was a 48.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines 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 transaction, the general counsel now directly owns 10,301 shares of the company’s stock, valued at approximately $826,140.20. This represents 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 corporate insiders.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. lifted its holdings in Praxis Precision Medicines by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,051,701 shares of the company’s stock valued at $43,498,000 after buying an additional 97,561 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Praxis Precision Medicines by 37.2% during the 3rd quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock valued at $30,079,000 after buying an additional 141,881 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Praxis Precision Medicines by 85.6% during the 3rd quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock valued at $25,619,000 after buying an additional 205,335 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Praxis Precision Medicines by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 398,838 shares of the company’s stock valued at $22,954,000 after buying an additional 3,779 shares in the last quarter. Finally, Baker BROS. Advisors LP lifted its holdings in Praxis Precision Medicines by 145.6% during the 3rd quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock valued at $18,591,000 after buying an additional 191,572 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

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.