Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Short Interest Up 23.2% in June

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 865,300 shares, a growth of 23.2% from the May 31st total of 702,200 shares. Approximately 5.7% of the company’s stock are short sold. Based on an average trading volume of 330,300 shares, the short-interest ratio is currently 2.6 days.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PRAX shares. Truist Financial reaffirmed a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research report on Thursday, May 16th. Guggenheim assumed coverage on Praxis Precision Medicines in a report on Tuesday, June 18th. They set a “buy” rating and a $155.00 price target for the company. Needham & Company LLC initiated coverage on shares of Praxis Precision Medicines in a research note on Monday, June 24th. They issued a “buy” rating and a $145.00 price target on the stock. Jefferies Financial Group raised their price objective on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. Finally, HC Wainwright reiterated a “buy” rating and issued a $105.00 target price on shares of Praxis Precision Medicines in a research note on Tuesday, May 14th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.38.

Praxis Precision Medicines Trading Down 4.1 %

NASDAQ:PRAX traded down $1.68 during trading hours on Tuesday, reaching $39.51. The company had a trading volume of 163,330 shares, compared to its average volume of 283,196. The firm’s 50 day moving average price is $45.37 and its 200-day moving average price is $43.82. The firm has a market cap of $675.94 million, a price-to-earnings ratio of -2.60 and a beta of 2.78. Praxis Precision Medicines has a 52 week low of $12.75 and a 52 week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its earnings results on Monday, May 13th. The company reported ($2.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.01) by ($0.83). The firm had revenue of $0.43 million during the quarter, compared to the consensus estimate of $2.75 million. Praxis Precision Medicines had a negative net margin of 5,711.85% and a negative return on equity of 101.99%. On average, analysts forecast that Praxis Precision Medicines will post -10.13 earnings per share for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRAX. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Praxis Precision Medicines by 45.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock valued at $96,000 after acquiring an additional 17,428 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in Praxis Precision Medicines by 10.7% during the third quarter. Adage Capital Partners GP L.L.C. now owns 8,780,000 shares of the company’s stock valued at $15,014,000 after purchasing an additional 849,362 shares during the period. Acuta Capital Partners LLC increased its position in Praxis Precision Medicines by 5.5% in the third quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock worth $7,669,000 after buying an additional 235,000 shares in the last quarter. Citigroup Inc. raised its stake in shares of Praxis Precision Medicines by 44,585.5% in the third quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock worth $142,000 after buying an additional 82,929 shares during the period. Finally, Simplex Trading LLC bought a new position in shares of Praxis Precision Medicines in the fourth quarter worth about $31,000. 67.84% of the stock is owned by hedge funds and other 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.