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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw 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. Based on an average trading volume of 459,200 shares, the days-to-cover ratio is presently 4.0 days. Currently, 9.7% of the company’s shares are short sold.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ:PRAX traded up $0.67 during trading on Monday, hitting $38.95. The company’s stock had a trading volume of 251,346 shares, compared to its average volume of 488,718. The company has a market capitalization of $785.27 million, a PE ratio of -3.77 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. The stock’s 50-day moving average price is $68.11 and its two-hundred day moving average price is $68.74.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRAX. Price T Rowe Associates Inc. MD increased its position in shares of Praxis Precision Medicines by 7.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,208,522 shares of the company’s stock worth $93,008,000 after purchasing an additional 88,442 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Praxis Precision Medicines by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,063,639 shares of the company’s stock worth $81,858,000 after buying an additional 24,645 shares during the last quarter. VR Adviser LLC grew its position in shares of Praxis Precision Medicines by 40.2% in the 4th quarter. VR Adviser LLC now owns 989,985 shares of the company’s stock worth $76,189,000 after acquiring an additional 283,854 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Praxis Precision Medicines by 77.5% in the 4th quarter. Janus Henderson Group PLC now owns 929,523 shares of the company’s stock valued at $71,621,000 after acquiring an additional 405,957 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Praxis Precision Medicines by 5,437.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 559,082 shares of the company’s stock valued at $43,027,000 after acquiring an additional 548,986 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PRAX. Truist Financial lowered their price objective on shares of Praxis Precision Medicines from $175.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. HC Wainwright decreased their price objective on shares of Praxis Precision Medicines from $120.00 to $105.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Wedbush lowered shares of Praxis Precision Medicines from a “hold” rating to a “strong sell” rating in a research report on Friday, February 28th. Needham & Company LLC reduced their target price on shares of Praxis Precision Medicines from $150.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Finally, Robert W. Baird lowered their price target on Praxis Precision Medicines from $117.00 to $73.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $123.80.

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.