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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw a large decrease in short interest in the month of 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. Based on an average trading volume of 459,200 shares, the short-interest ratio is currently 4.0 days. Currently, 9.7% of the shares of the stock are short sold.

Analysts Set New Price Targets

PRAX has been the topic of a number of recent analyst reports. Truist Financial decreased their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Needham & Company LLC dropped their price objective on Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Robert W. Baird decreased their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. 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 target price for the company. Finally, HC Wainwright reduced their price target on shares of 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. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $123.80.

Praxis Precision Medicines Stock Performance

Shares of Praxis Precision Medicines stock traded up $0.99 on Friday, hitting $38.28. The stock had a trading volume of 240,733 shares, compared to its average volume of 493,933. The stock has a 50 day moving average of $68.11 and a 200 day moving average of $68.61. Praxis Precision Medicines has a twelve month low of $30.01 and a twelve month high of $91.83. The firm has a market capitalization of $771.84 million, a P/E ratio of -3.72 and a beta of 2.76.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Friday, February 28th. The company reported ($2.94) EPS for the quarter, missing analysts’ consensus estimates of ($2.76) by ($0.18). The business had revenue of $7.48 million for the quarter, compared to analyst estimates 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%. Equities analysts expect that Praxis Precision Medicines will post -10.22 earnings per share for the current year.

Institutional Investors Weigh In On Praxis Precision Medicines

A number of institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Praxis Precision Medicines during the 4th quarter worth approximately $48,000. US Bancorp DE lifted its position 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 worth $132,000 after purchasing an additional 605 shares during the period. Graham Capital Management L.P. acquired a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $209,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Praxis Precision Medicines during the fourth quarter worth $215,000. 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.