Walleye Capital LLC Makes New $3.20 Million Investment in Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Walleye Capital LLC bought a new stake in shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 55,613 shares of the company’s stock, valued at approximately $3,200,000.

Other large investors have also recently made changes to their positions in the company. Amalgamated Bank bought a new position in Praxis Precision Medicines during the 2nd quarter valued at approximately $25,000. Quarry LP purchased a new stake in shares of Praxis Precision Medicines in the second quarter worth $83,000. US Bancorp DE grew its stake in shares of Praxis Precision Medicines by 35.9% in the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Praxis Precision Medicines during the third quarter valued at $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in shares of Praxis Precision Medicines in the 3rd quarter worth about $231,000. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Transactions at Praxis Precision Medicines

In related news, insider Lauren Mastrocola sold 5,188 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $81.78, for a total value of $424,274.64. Following the completion of the sale, the insider now directly owns 5,613 shares of the company’s stock, valued at approximately $459,031.14. This represents a 48.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Alex Nemiroff sold 8,239 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The shares were 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 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. Corporate insiders own 2.70% of the company’s stock.

Praxis Precision Medicines Trading Down 2.9 %

PRAX opened at $77.86 on Tuesday. The firm’s 50 day simple moving average is $70.29 and its two-hundred day simple moving average is $56.84. The company has a market capitalization of $1.45 billion, a PE ratio of -7.65 and a beta of 2.67. Praxis Precision Medicines, Inc. has a 1-year low of $14.77 and a 1-year high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results 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 company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.53 million. During the same period in the prior year, the business posted ($2.70) earnings per share. Equities analysts forecast that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Praxis Precision Medicines Company Profile

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.