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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) saw a significant 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. 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 company's stock are sold short.

Institutional Trading of Praxis Precision Medicines

Institutional investors and hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $48,000. US Bancorp DE increased its stake in shares of Praxis Precision Medicines by 35.9% during the third 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. bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $209,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Praxis Precision Medicines during the fourth quarter worth approximately $215,000. Institutional investors own 67.84% of the company's stock.

Praxis Precision Medicines Trading Down 1.9 %

NASDAQ:PRAX traded down $1.54 on Thursday, hitting $79.54. The company's stock had a trading volume of 330,118 shares, compared to its average volume of 379,452. The stock has a fifty day moving average of $77.15 and a two-hundred day moving average of $69.02. The firm has a market capitalization of $1.48 billion, a P/E ratio of -7.72 and a beta of 2.65. Praxis Precision Medicines has a one year low of $33.01 and a one year high of $91.83.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRAX. Deutsche Bank Aktiengesellschaft began coverage on 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 target price on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Truist Financial upped their target price on Praxis Precision Medicines from $150.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. HC Wainwright reiterated a "buy" rating and set a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $150.00 target price on shares of Praxis Precision Medicines in a 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. Based on data from MarketBeat, Praxis Precision Medicines has an average rating of "Moderate Buy" and an average price target of $145.20.

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.