Key Points
- Praxis Precision Medicines director Jill Desimone sold 11,600 shares on June 24 at an average price of $311.32, for total proceeds of $3.61 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Desimone directly owned 2,337 shares valued at about $727,555, marking an 83.23% decrease in her stake.
- The company’s stock opened at $327.79 and has been volatile over the past year, with a 52-week range of $37.19 to $366.52. Analysts currently view PRAX as a Moderate Buy, with a consensus target price of $566.21.
Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) Director Jill Desimone sold 11,600 shares of the firm's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $311.32, for a total transaction 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 filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Praxis Precision Medicines Stock Performance
Shares of PRAX stock opened at $327.79 on Friday. Praxis Precision Medicines, Inc. has a fifty-two week low of $37.19 and a fifty-two week high of $366.52. The stock's fifty day moving average price is $314.02 and its two-hundred day moving average price is $307.51. The company has a market cap of $9.14 billion, a PE ratio of -24.52 and a beta of 2.71.
Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.58) by $0.38. On average, equities analysts predict that Praxis Precision Medicines, Inc. will post -14.79 EPS for the current fiscal year.
Institutional Trading of Praxis Precision Medicines
Several hedge funds have recently modified their holdings of PRAX. Janus Henderson Group PLC lifted its position in shares of Praxis Precision Medicines by 6.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,458,863 shares of the company's stock valued at $1,113,514,000 after acquiring an additional 218,777 shares during the period. Perceptive Advisors LLC grew its holdings in Praxis Precision Medicines by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,035,986 shares of the company's stock worth $655,974,000 after purchasing an additional 40,000 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in 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 purchasing an additional 231,827 shares during the period. Vanguard Group Inc. increased its stake in Praxis Precision Medicines by 15.3% in the fourth quarter. Vanguard Group Inc. now owns 1,460,933 shares of the company's stock valued at $430,595,000 after purchasing an additional 193,647 shares in the last quarter. Finally, Orbis Allan Gray Ltd bought a new stake in Praxis Precision Medicines in the fourth quarter valued at $369,946,000. Institutional investors own 67.84% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on PRAX. BTIG Research reiterated a "buy" rating and set a $810.00 price objective (down from $843.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Robert W. Baird dropped their target price on shares of Praxis Precision Medicines from $433.00 to $400.00 and set an "outperform" rating on the stock in a report on Tuesday, June 2nd. Wedbush decreased their price target on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating for the company in a report on Tuesday, June 2nd. TD Cowen reiterated a "buy" rating on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $374.00 price objective (down from $420.00) on shares of Praxis Precision Medicines in a research report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Praxis Precision Medicines presently has a consensus rating of "Moderate Buy" and a consensus target price of $566.21.
Read Our Latest Analysis on PRAX
About Praxis Precision Medicines
(
Get Free Report)
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.
Further Reading
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