Short Interest in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Rises By 77.1%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totalling 763,900 shares, an increase of 77.1% from the March 31st total of 431,400 shares. Approximately 4.7% of the company’s stock are short sold. Based on an average trading volume of 200,900 shares, the days-to-cover ratio is currently 3.8 days.

Analyst Ratings Changes

PRAX has been the subject of several recent analyst reports. Wedbush boosted their price objective on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, January 12th. Jefferies Financial Group boosted their target price on shares of Praxis Precision Medicines from $75.00 to $128.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Finally, HC Wainwright reissued a “buy” rating and set a $105.00 target price on shares of Praxis Precision Medicines in a research report on Friday.

Institutional Trading of Praxis Precision Medicines

Large investors have recently made changes to their positions in the business. Citigroup Inc. boosted its holdings in shares of Praxis Precision Medicines by 44,585.5% in the 3rd quarter. Citigroup Inc. now owns 83,115 shares of the company’s stock valued at $142,000 after acquiring an additional 82,929 shares during the last quarter. Acuta Capital Partners LLC boosted its holdings in shares of Praxis Precision Medicines by 5.5% in the 3rd quarter. Acuta Capital Partners LLC now owns 4,485,000 shares of the company’s stock valued at $7,669,000 after acquiring an additional 235,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Praxis Precision Medicines by 45.0% in 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 last quarter. Adage Capital Partners GP L.L.C. boosted 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 worth $15,014,000 after buying an additional 849,362 shares in the last quarter. Finally, DLD Asset Management LP purchased a new stake in Praxis Precision Medicines during the fourth quarter worth $223,000. 67.84% of the stock is owned by hedge funds and other institutional investors.

Praxis Precision Medicines Trading Up 3.6 %

NASDAQ:PRAX opened at $54.80 on Friday. The company has a market cap of $725.44 million, a PE ratio of -2.32 and a beta of 2.89. Praxis Precision Medicines has a twelve month low of $12.45 and a twelve month high of $67.21. The company’s 50 day moving average is $51.97 and its two-hundred day moving average is $34.54.

Praxis Precision Medicines (NASDAQ:PRAX) last released its earnings results on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, topping the consensus estimate of ($3.05) by $0.08. The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.30 million. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. As a group, analysts expect that Praxis Precision Medicines will post -8.64 EPS for the current fiscal year.

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.