Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Short Interest Update

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 2,620,000 shares, an increase of 28.4% from the January 15th total of 2,040,000 shares. Based on an average daily trading volume, of 377,300 shares, the short-interest ratio is presently 6.9 days. Approximately 15.2% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PRAX. Deutsche Bank Aktiengesellschaft began coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They issued a “buy” rating and a $111.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Truist Financial lifted their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. 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 research note on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $150.00 target price on shares of Praxis Precision Medicines in a research note on Monday, February 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.20.

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Praxis Precision Medicines during the 4th quarter valued at approximately $48,000. US Bancorp DE lifted its stake in shares of Praxis Precision Medicines by 35.9% in the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock valued at $132,000 after purchasing an additional 605 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Praxis Precision Medicines during the fourth quarter worth $215,000. Intech Investment Management LLC purchased a new stake in Praxis Precision Medicines during the third quarter worth $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in Praxis Precision Medicines during the third quarter worth $231,000. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Trading Up 4.7 %

NASDAQ PRAX traded up $4.11 on Friday, hitting $90.77. 616,722 shares of the company’s stock traded hands, compared to its average volume of 363,206. Praxis Precision Medicines has a 1-year low of $33.01 and a 1-year high of $91.83. The firm’s 50-day moving average price is $76.38 and its two-hundred day moving average price is $68.47. The firm has a market capitalization of $1.69 billion, a PE ratio of -8.81 and a beta of 2.65.

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.