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

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

Praxis Precision Medicines Stock Up 4.7 %

NASDAQ:PRAX traded up $4.11 during midday trading on Friday, hitting $90.77. The company had a trading volume of 616,722 shares, compared to its average volume of 363,206. Praxis Precision Medicines has a 52-week low of $33.01 and a 52-week high of $91.83. The stock’s fifty day moving average price is $76.38 and its 200-day moving average price is $68.47. The company has a market capitalization of $1.69 billion, a PE ratio of -8.81 and a beta of 2.65.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its stake in Praxis Precision Medicines by 7.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after purchasing an additional 88,442 shares during the last quarter. Vanguard Group Inc. lifted 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 worth $81,858,000 after purchasing an additional 24,645 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Praxis Precision Medicines by 5,437.7% in the fourth 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 last quarter. Janus Henderson Group PLC lifted its stake in Praxis Precision Medicines by 37.2% in the third quarter. Janus Henderson Group PLC now owns 523,566 shares of the company’s stock worth $30,079,000 after purchasing an additional 141,881 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Praxis Precision Medicines by 85.6% in the third quarter. Franklin Resources Inc. now owns 445,233 shares of the company’s stock worth $25,619,000 after purchasing an additional 205,335 shares during the last quarter. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PRAX has been the topic of a number of analyst reports. Oppenheimer boosted their target price on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research report on Monday, February 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target for the company. Finally, Truist Financial boosted their price target on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $145.20.

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.