Short Interest in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Declines By 31.8%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 1,820,000 shares, a decrease of 31.8% from the February 13th total of 2,670,000 shares. Currently, 9.7% of the company’s stock are short sold. Based on an average trading volume of 459,200 shares, the days-to-cover ratio is currently 4.0 days.

Praxis Precision Medicines Stock Up 2.7 %

Praxis Precision Medicines stock traded up $0.99 during midday trading on Friday, hitting $38.28. 240,733 shares of the stock were exchanged, compared to its average volume of 493,933. Praxis Precision Medicines has a 52-week low of $30.01 and a 52-week high of $91.83. The business’s 50-day moving average price is $68.11 and its 200-day moving average price is $68.61. The stock has a market capitalization of $771.84 million, a price-to-earnings ratio of -3.72 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The business had revenue of $7.48 million during the quarter, compared to analysts’ expectations of $0.36 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. On average, sell-side analysts predict that Praxis Precision Medicines will post -10.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Praxis Precision Medicines by 7.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after buying an additional 88,442 shares during the last quarter. Vanguard Group Inc. boosted its stake in Praxis Precision Medicines by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock valued at $81,858,000 after acquiring an additional 24,645 shares during the last quarter. VR Adviser LLC grew its position in shares of Praxis Precision Medicines by 40.2% during the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock valued at $76,189,000 after acquiring an additional 283,854 shares during the period. Janus Henderson Group PLC grew its position in shares of Praxis Precision Medicines by 77.5% during the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after acquiring an additional 405,957 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock worth $43,027,000 after purchasing an additional 548,986 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of research reports. HC Wainwright dropped their price target on Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 target price on the stock. Wedbush downgraded shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Truist Financial decreased their price target on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Needham & Company LLC reduced their price objective on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $123.80.

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.