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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX - Get Free Report) saw a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 1,900,000 shares, a growth of 24.2% from the December 15th total of 1,530,000 shares. Currently, 11.0% of the company's stock are sold short. Based on an average trading volume of 329,800 shares, the short-interest ratio is presently 5.8 days.

Praxis Precision Medicines Stock Up 0.4 %

Shares of PRAX stock traded up $0.29 on Friday, hitting $70.54. The company had a trading volume of 293,837 shares, compared to its average volume of 331,044. Praxis Precision Medicines has a twelve month low of $33.01 and a twelve month high of $86.93. The firm has a market cap of $1.31 billion, a P/E ratio of -6.85 and a beta of 2.66. The company has a 50-day moving average price of $74.43 and a 200-day moving average price of $64.17.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.01) by ($0.74). The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.53 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. During the same period in the previous year, the firm posted ($2.70) earnings per share. Equities research analysts expect that Praxis Precision Medicines will post -10.26 EPS for the current year.

Insider Buying and Selling at Praxis Precision Medicines

In other Praxis Precision Medicines news, General Counsel Alex Nemiroff sold 8,239 shares of the firm's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, the general counsel now owns 10,301 shares of the company's stock, valued at approximately $826,140.20. This trade represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lauren Mastrocola sold 5,188 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total value of $424,274.64. Following the sale, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Institutional Trading of Praxis Precision Medicines

Hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new position in shares of Praxis Precision Medicines in the second quarter worth about $25,000. Quarry LP purchased a new position in shares of Praxis Precision Medicines in the 2nd quarter valued at about $83,000. US Bancorp DE boosted its position in 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 in the last quarter. Intech Investment Management LLC acquired a new stake in Praxis Precision Medicines in the third quarter valued at approximately $217,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in shares of Praxis Precision Medicines in the third quarter valued at approximately $231,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRAX has been the topic of a number of research analyst reports. Oppenheimer boosted their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a "buy" rating and set a $151.00 price target on shares of Praxis Precision Medicines in a research report on Thursday, November 7th. Finally, HC Wainwright reissued a "buy" rating and issued a $120.00 price objective on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $146.33.

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.

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