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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) was the target of a large decrease in short interest during 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. Approximately 9.7% of the shares of the company are short sold. Based on an average daily trading volume, of 459,200 shares, the short-interest ratio is presently 4.0 days.

Praxis Precision Medicines Trading Up 4.9 %

PRAX stock traded up $1.80 during trading on Wednesday, hitting $38.62. The company had a trading volume of 670,049 shares, compared to its average volume of 350,922. The business has a 50 day moving average of $66.51 and a 200 day moving average of $68.52. The firm has a market capitalization of $778.70 million, a price-to-earnings ratio of -3.75 and a beta of 2.76. Praxis Precision Medicines has a fifty-two week low of $30.01 and a fifty-two week high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last issued its quarterly earnings results on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing analysts' consensus estimates of ($2.76) by ($0.18). Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. The company had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. As a group, equities analysts predict that Praxis Precision Medicines will post -10.22 EPS for the current year.

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Analyst Ratings Changes

A number of brokerages have issued reports on PRAX. Truist Financial cut their target price on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Wedbush downgraded Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a report on Friday, February 28th. Robert W. Baird lowered their price objective on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Praxis Precision Medicines in a research note on Tuesday, February 11th. They issued a "buy" rating and a $111.00 target price on the stock. Finally, HC Wainwright lowered their price target on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines presently has an average rating of "Moderate Buy" and an average price target of $123.80.

Hedge Funds Weigh In On Praxis Precision Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Praxis Precision Medicines in the 4th quarter valued at about $48,000. US Bancorp DE boosted its position in shares of Praxis Precision Medicines by 35.9% during 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. Graham Capital Management L.P. bought a new position in shares of Praxis Precision Medicines during the 4th quarter valued at about $209,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Praxis Precision Medicines in the 4th quarter worth approximately $215,000. 67.84% of the stock is owned by institutional investors.

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.