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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 2,620,000 shares, an increase of 28.4% from the January 15th total of 2,040,000 shares. Approximately 15.2% of the company’s shares are sold short. Based on an average daily volume of 377,300 shares, the short-interest ratio is currently 6.9 days.

Praxis Precision Medicines Stock Up 4.7 %

Praxis Precision Medicines stock traded up $4.11 during trading hours on Friday, hitting $90.77. 616,722 shares of the company traded hands, compared to its average volume of 363,206. The firm has a market cap of $1.69 billion, a P/E ratio of -8.81 and a beta of 2.65. The firm’s 50-day simple moving average is $76.38 and its two-hundred day simple moving average is $68.55. Praxis Precision Medicines has a 1-year low of $33.01 and a 1-year high of $91.83.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Freestone Grove Partners LP purchased a new position in shares of Praxis Precision Medicines in the fourth quarter worth approximately $237,000. Schonfeld Strategic Advisors LLC increased its position in shares of Praxis Precision Medicines by 51.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 43,100 shares of the company’s stock worth $3,317,000 after acquiring an additional 14,649 shares in the last quarter. Northern Trust Corp increased its position in shares of Praxis Precision Medicines by 10.1% in the fourth quarter. Northern Trust Corp now owns 167,590 shares of the company’s stock worth $12,898,000 after acquiring an additional 15,323 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Praxis Precision Medicines by 9.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 38,483 shares of the company’s stock worth $2,962,000 after purchasing an additional 3,344 shares during the period. Finally, Quarry LP boosted its holdings in shares of Praxis Precision Medicines by 320.0% during the fourth quarter. Quarry LP now owns 4,200 shares of the company’s stock worth $323,000 after purchasing an additional 3,200 shares during the period. 67.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $120.00 price target on shares of Praxis Precision Medicines in a report on Thursday, December 12th. Oppenheimer increased their price objective on shares of Praxis Precision Medicines from $143.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Truist Financial increased their price objective on shares of Praxis Precision Medicines from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research note on Tuesday, February 11th. They set a “buy” rating and a $111.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $150.00 price objective on shares of Praxis Precision Medicines in a research note on Monday, February 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.