Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Sees Large Growth in Short Interest

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 865,300 shares, a growth of 23.2% from the May 31st total of 702,200 shares. Based on an average daily trading volume, of 330,300 shares, the short-interest ratio is presently 2.6 days. Currently, 5.7% of the company’s stock are sold short.

Analyst Ratings Changes

Several research firms have commented on PRAX. Robert W. Baird started coverage on Praxis Precision Medicines in a report on Wednesday, May 1st. They issued an “outperform” rating and a $117.00 target price on the stock. Jefferies Financial Group upped their price target on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Needham & Company LLC began coverage on shares of Praxis Precision Medicines in a research note on Monday, June 24th. They set a “buy” rating and a $145.00 price objective for the company. Guggenheim started coverage on shares of Praxis Precision Medicines in a research note on Tuesday, June 18th. They issued a “buy” rating and a $155.00 target price on the stock. Finally, Piper Sandler reiterated an “overweight” rating and set a $270.00 price target on shares of Praxis Precision Medicines in a report on Monday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $137.38.

Praxis Precision Medicines Price Performance

NASDAQ PRAX opened at $41.19 on Tuesday. The stock has a market capitalization of $704.68 million, a price-to-earnings ratio of -2.60 and a beta of 2.78. Praxis Precision Medicines has a 1-year low of $12.75 and a 1-year high of $67.21. The business’s fifty day moving average price is $45.37 and its 200-day moving average price is $43.82.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Monday, May 13th. The company reported ($2.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). The firm had revenue of $0.43 million during the quarter, compared to the consensus estimate of $2.75 million. Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. Equities research analysts anticipate that Praxis Precision Medicines will post -10.13 EPS for the current year.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors have recently made changes to their positions in the business. Simplex Trading LLC purchased a new stake in Praxis Precision Medicines during the fourth quarter valued at approximately $31,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Praxis Precision Medicines by 45.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after purchasing an additional 17,428 shares in the last quarter. Citigroup Inc. raised its holdings in Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after purchasing an additional 82,929 shares during the period. SG Americas Securities LLC bought a new position in Praxis Precision Medicines in the 1st quarter worth $150,000. Finally, DLD Asset Management LP purchased a new position in Praxis Precision Medicines during the fourth quarter valued at $223,000. Institutional investors own 67.84% of the company’s stock.

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.