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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $311.32, for a total value of $3,611,312.00. Following the completion of the sale, the director directly owned 2,337 shares of the company’s stock, valued at approximately $727,554.84. The trade was a 83.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Praxis Precision Medicines Price Performance

Shares of NASDAQ:PRAX opened at $327.79 on Friday. The company has a market cap of $9.14 billion, a P/E ratio of -24.52 and a beta of 2.71. Praxis Precision Medicines, Inc. has a 1 year low of $37.19 and a 1 year high of $366.52. The stock’s fifty day moving average price is $314.02 and its 200-day moving average price is $307.51.

Praxis Precision Medicines (NASDAQ:PRAX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($3.20) EPS for the quarter, topping the consensus estimate of ($3.58) by $0.38. On average, sell-side analysts anticipate that Praxis Precision Medicines, Inc. will post -14.79 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PRAX. Orbis Allan Gray Ltd purchased a new stake in shares of Praxis Precision Medicines in the fourth quarter worth $369,946,000. Janus Henderson Group PLC lifted its stake in shares of Praxis Precision Medicines by 17.2% during the 4th quarter. Janus Henderson Group PLC now owns 3,240,086 shares of the company’s stock valued at $954,834,000 after buying an additional 476,227 shares in the last quarter. Barclays PLC lifted its stake in shares of Praxis Precision Medicines by 592.6% during the 4th quarter. Barclays PLC now owns 530,751 shares of the company’s stock valued at $156,434,000 after buying an additional 454,114 shares in the last quarter. Baker BROS. Advisors LP boosted its holdings in Praxis Precision Medicines by 63.4% in the 4th quarter. Baker BROS. Advisors LP now owns 1,126,488 shares of the company’s stock worth $332,021,000 after buying an additional 437,000 shares during the period. Finally, Perceptive Advisors LLC increased its stake in Praxis Precision Medicines by 27.6% in the 4th quarter. Perceptive Advisors LLC now owns 1,995,986 shares of the company’s stock worth $588,297,000 after buying an additional 431,432 shares in the last quarter. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PRAX has been the subject of a number of research analyst reports. Royal Bank Of Canada assumed coverage on shares of Praxis Precision Medicines in a research note on Wednesday, June 17th. They issued an “outperform” rating and a $449.00 price target for the company. Jefferies Financial Group restated a “buy” rating on shares of Praxis Precision Medicines in a report on Thursday, May 7th. HC Wainwright cut their target price on shares of Praxis Precision Medicines from $1,245.00 to $1,201.00 and set a “buy” rating for the company in a research report on Tuesday, June 2nd. BTIG Research reiterated a “buy” rating and set a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $510.00 price target on shares of Praxis Precision Medicines in a report on Tuesday, April 14th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Praxis Precision Medicines currently has an average rating of “Moderate Buy” and a consensus target price of $566.21.

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.