Verition Fund Management LLC Sells 189,169 Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Verition Fund Management LLC lowered its position in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) by 25.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 559,151 shares of the company’s stock after selling 189,169 shares during the quarter. Verition Fund Management LLC’s holdings in Praxis Precision Medicines were worth $32,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Amalgamated Bank purchased a new position in Praxis Precision Medicines in the second quarter worth about $25,000. Quarry LP bought a new stake in Praxis Precision Medicines during the second quarter valued at approximately $83,000. US Bancorp DE grew its position in Praxis Precision Medicines by 35.9% during the third quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after buying an additional 605 shares during the period. Intech Investment Management LLC purchased a new stake in Praxis Precision Medicines during the third quarter valued at approximately $217,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in Praxis Precision Medicines in the third quarter worth approximately $231,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Price Performance

PRAX stock opened at $79.45 on Friday. The company’s fifty day moving average price is $69.59 and its 200-day moving average price is $56.27. Praxis Precision Medicines, Inc. has a one year low of $14.77 and a one year high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last announced 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 the consensus estimate of $0.53 million. During the same quarter in the prior year, the firm posted ($2.70) earnings per share. As a group, analysts anticipate that Praxis Precision Medicines, Inc. will post -10.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Praxis Precision Medicines news, insider Lauren Mastrocola sold 5,188 shares of Praxis Precision Medicines stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the sale, the insider now 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 the SEC website. Also, General Counsel Alex Nemiroff sold 8,239 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value 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 trade 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 company insiders.

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.