Praxis Precision Medicines, Inc. $PRAX Shares Sold by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC cut its Praxis Precision Medicines stake by 91.5% in the first quarter, leaving it with 852 shares worth about $275,000.
• Director Jill Desimone sold 11,600 shares in a pre-arranged Rule 10b5-1 transaction for about $3.61 million, reducing her ownership by 83.23%.
• Praxis Precision Medicines reported a narrower-than-expected quarterly loss of ($3.20) EPS versus estimates of ($3.58), while analysts still broadly rate the stock a Moderate Buy with a consensus price target of $569.63.

SG Americas Securities LLC lessened its holdings in Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Free Report) by 91.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 852 shares of the company's stock after selling 9,113 shares during the period. SG Americas Securities LLC's holdings in Praxis Precision Medicines were worth $275,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PRAX. GF Fund Management CO. LTD. raised its position in shares of Praxis Precision Medicines by 8.2% during the 4th quarter. GF Fund Management CO. LTD. now owns 490 shares of the company's stock worth $144,000 after purchasing an additional 37 shares during the last quarter. GAMMA Investing LLC grew its holdings in Praxis Precision Medicines by 58.7% during the 4th quarter. GAMMA Investing LLC now owns 238 shares of the company's stock valued at $70,000 after buying an additional 88 shares during the last quarter. CWM LLC increased its position in Praxis Precision Medicines by 15.5% during the fourth quarter. CWM LLC now owns 874 shares of the company's stock worth $258,000 after buying an additional 117 shares in the last quarter. NBC Securities Inc. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth $38,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Praxis Precision Medicines by 60.0% in the fourth quarter. Farther Finance Advisors LLC now owns 368 shares of the company's stock valued at $108,000 after acquiring an additional 138 shares in the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Praxis Precision Medicines news, Director Jill Desimone sold 11,600 shares of Praxis Precision Medicines stock in a transaction that occurred 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 transaction, the director directly owned 2,337 shares of the company's stock, valued at $727,554.84. The trade was a 83.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.00% of the stock is currently owned by company insiders.

Praxis Precision Medicines Price Performance

Praxis Precision Medicines stock opened at $324.99 on Friday. The stock's 50-day moving average is $312.75 and its 200-day moving average is $311.60. The company has a market cap of $9.06 billion, a price-to-earnings ratio of -24.31 and a beta of 2.74. Praxis Precision Medicines, Inc. has a 12 month low of $37.19 and a 12 month high of $366.52.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($3.20) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.58) by $0.38. Research analysts anticipate that Praxis Precision Medicines, Inc. will post -14.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. BTIG Research reissued a "buy" rating and issued a $810.00 target price (down from $843.00) on shares of Praxis Precision Medicines in a research note on Tuesday, June 2nd. Raymond James Financial began coverage on shares of Praxis Precision Medicines in a research report on Friday, April 10th. They issued a "strong-buy" rating and a $815.00 price objective for the company. HC Wainwright lowered 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 note on Tuesday, June 2nd. Oppenheimer restated an "outperform" rating and set a $650.00 price objective (down from $750.00) on shares of Praxis Precision Medicines in a report on Tuesday, June 2nd. Finally, Wedbush reduced their target price on Praxis Precision Medicines from $166.00 to $162.00 and set an "underperform" rating on the stock in a research report on Tuesday, June 2nd. Four research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Praxis Precision Medicines has an average rating of "Moderate Buy" and a consensus target price of $569.63.

Praxis Precision Medicines Profile

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.

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