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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw a large 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. Based on an average daily trading volume, of 377,300 shares, the short-interest ratio is presently 6.9 days. Approximately 15.2% of the company’s stock are sold short.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded up $4.11 during mid-day trading on Friday, hitting $90.77. 616,722 shares of the stock were exchanged, compared to its average volume of 363,206. The company has a market capitalization of $1.69 billion, a P/E ratio of -8.81 and a beta of 2.65. The company has a 50-day simple moving average of $76.38 and a 200 day simple moving average of $68.47. Praxis Precision Medicines has a 12 month low of $33.01 and a 12 month high of $91.83.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised 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 purchasing an additional 88,442 shares during the period. Vanguard Group Inc. raised its holdings in shares of Praxis Precision Medicines by 2.4% in the 4th 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 period. 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. Janus Henderson Group PLC raised its holdings in shares of Praxis Precision Medicines by 37.2% in the 3rd 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 period. Finally, Franklin Resources Inc. raised its holdings in shares of Praxis Precision Medicines by 85.6% in the 3rd 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 period. Institutional investors own 67.84% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a research note on Thursday, December 12th. Oppenheimer lifted their price target on Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $150.00 price target on shares of Praxis Precision Medicines in a research note on Monday, February 10th. Finally, Truist Financial lifted their price target on Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Praxis Precision Medicines presently has a consensus 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.