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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was the recipient of a significant growth in short interest in 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. Based on an average daily trading volume, of 377,300 shares, the short-interest ratio is presently 6.9 days. Currently, 15.2% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRAX. Deutsche Bank Aktiengesellschaft began 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 objective for the company. Oppenheimer upped their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Truist Financial upped 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. Needham & Company LLC restated a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, February 10th. Finally, HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $145.20.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. increased its position in Praxis Precision Medicines by 5,437.7% during 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. Franklin Resources Inc. increased its position in Praxis Precision Medicines by 85.6% during 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. Baker BROS. Advisors LP increased its position in Praxis Precision Medicines by 145.6% during the third quarter. Baker BROS. Advisors LP now owns 323,105 shares of the company’s stock worth $18,591,000 after purchasing an additional 191,572 shares during the last quarter. Wellington Management Group LLP increased its position in Praxis Precision Medicines by 326.9% during the third quarter. Wellington Management Group LLP now owns 219,907 shares of the company’s stock worth $12,653,000 after purchasing an additional 168,394 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Praxis Precision Medicines by 37.2% during 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. 67.84% of the stock is currently owned by institutional investors and hedge funds.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX traded up $4.11 during mid-day trading on Friday, reaching $90.77. The company’s stock had a trading volume of 616,722 shares, compared to its average volume of 363,206. The stock has a 50-day moving average of $76.38 and a two-hundred day moving average of $68.47. The stock has a market capitalization of $1.69 billion, a P/E ratio of -8.81 and a beta of 2.65. Praxis Precision Medicines has a 1-year low of $33.01 and a 1-year high of $91.83.

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.