Short Interest in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Increases By 28.4%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw a significant increase in short interest in 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. Approximately 15.2% of the shares of the company are sold short. Based on an average daily volume of 377,300 shares, the days-to-cover ratio is presently 6.9 days.

Wall Street Analysts Forecast Growth

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

Praxis Precision Medicines Stock Up 4.7 %

Praxis Precision Medicines stock traded up $4.11 on Friday, hitting $90.77. The company’s stock had a trading volume of 616,722 shares, compared to its average volume of 363,206. The firm has a market cap of $1.69 billion, a P/E ratio of -8.81 and a beta of 2.65. The company has a fifty day moving average price of $76.38 and a 200-day moving average price of $68.55. Praxis Precision Medicines has a one year low of $33.01 and a one year high of $91.83.

Institutional Investors Weigh In On Praxis Precision Medicines

Several 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 shares of Praxis Precision Medicines in the 4th quarter valued at $48,000. US Bancorp DE boosted 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 in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Praxis Precision Medicines in the 4th quarter valued at $215,000. Intech Investment Management LLC acquired a new stake in shares of Praxis Precision Medicines in the 3rd quarter valued at $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Praxis Precision Medicines in the 3rd quarter valued at $231,000. Institutional investors own 67.84% of the company’s stock.

About Praxis Precision Medicines

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.