Sunday, June 26, 2022

Buying Buzz: Praxis Precision Medicines Inc. [PRAX] Principal Accounting Officer Mastrocola Lauren purchases 3,000 shares of the company

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Praxis Precision Medicines Inc. shares valued at $5,775 were purchased by Mastrocola Lauren on Jun 16. At $1.93 per share, Mastrocola Lauren acquired 3,000 shares. The insider’s holdings grew to 31,391 shares worth approximately $73454.94 following the completion of this transaction.

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Also, Nemiroff Alex purchased 7,500 shares, netting a total of over 12,225 in proceeds. Following the buying of shares at $1.63 each, the insider now holds 39,347 shares.

Before that, Kelly Timothy Edwin had added 10,000 shares to its account. In a trade valued at $17,650, the Chief Financial Officer bought Praxis Precision Medicines Inc. shares for $1.76 each. Upon closing the transaction, the insider’s holdings increased to 10,000 shares, worth approximately $94746.59999999999.

As published in a research note from Wedbush on June 06, 2022, Praxis Precision Medicines Inc. [PRAX] has been rated down from an Outperform to a Neutral and the price target has been revised to $4. This represents a 41.5% premium over Thursday’s closing price. Analysts at H.C. Wainwright started covering the stock with ‘”a Buy”‘ outlook in a report released in mid December. As of August 26, 2021, BofA Securities has initiated its “Buy” rating for PRAX. Earlier on April 26, 2021, William Blair initiated its rating. Their recommendation was “an Outperform” for PRAX stock.

Analyzing PRAX’s Price Performance

On Thursday, Praxis Precision Medicines Inc. [NASDAQ: PRAX] rose 10.38% to $2.34. The stock’s lowest price that day was $2.08, but it reached a high of $2.34 in the same session. During the last five days, there has been a surge of approximately 21.24%. Over the course of the year, Praxis Precision Medicines Inc. shares have dropped approximately -88.12%. Shares of the company reached a 52-week high of $20.60 on 01/03/22 and a 52-week low of $1.63 on 06/13/22. A 50-day SMA is recorded $7.09, while a 200-day SMA reached $14.35. Nevertheless, trading volume fell to 1.75 million shares from 2.02 million shares the previous day.

Support And Resistance Levels for Praxis Precision Medicines Inc. (PRAX)

According to the 24-hour chart, there is a support level at 2.17, which, if violated, would cause prices to drop to 1.99. In the upper region, resistance lies at 2.43. The next price resistance is at 2.51. RSI (Relative Strength Index) is 27.10 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.24, which suggests the price will decrease in the coming days. Percent R is at 90.03%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Praxis Precision Medicines Inc. subject to short interest?

Stocks of Praxis Precision Medicines Inc. saw a sharp rise in short interest on May 30, 2022 jumping by 0.54 million shares to 4.1 million. Data from Yahoo Finance shows that the short interest on Apr 28, 2022 was 3.56 million shares. A jump of 13.17% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 9.3 of the overall float, the days-to-cover ratio (short ratio) jumped to 9.3.

Which companies own the most shares of Praxis Precision Medicines Inc. (PRAX)?

According to Fidelity Management & Research Co filings, the company currently owns 4,602,871 shares, which is about 10.11% of the total PRAX shares outstanding. The investor’s shares have appreciated by 26,642 from its previous 13-F filing of 4576229.0 shares. With the completion of the buy transaction, Eventide Asset Management LLC’s stake is now worth $36,478,500. Janus Henderson Investors US LLC reduced a -0.39% interest valued at $27.64 million while The Vanguard Group, Inc. purchased a 35,819 stake. A total of 1,614,717 shares of Praxis Precision Medicines Inc. were bought by PFM Health Sciences LP during the quarter, and -117,731 were sold by Point72 Asset Management LP. In its current portfolio, BlackRock Fund Advisors holds 2,309,404 shares valued at $19.17 million.

In terms of Praxis Precision Medicines Inc. share price expectations, FactSet research, analysts set an average price target of $11.70 in the next 12 months, up nearly 371.7% from the previous closing price of $2.12. Analysts anticipate Praxis Precision Medicines Inc. stock to reach $22.52 by 2022, with the lowest price target being $4.00. In spite of this, 6 analysts ranked Praxis Precision Medicines Inc. stock as an Overweight at the end of 2022. On November 11, 2020, Wedbush assigned a price target of “an Outperform” to the stock and initiated coverage with a $40.

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