NeurAxis (NASDAQ:NRXS) Trading Up 5.5% – Here’s What Happened

NeurAxis, Inc. (NASDAQ:NRXS)’s stock price was up 5.5% during trading on Friday . The company traded as high as $8.40 and last traded at $7.86. Approximately 530,476 shares changed hands during trading, an increase of 245% from the average daily volume of 153,901 shares. The stock had previously closed at $7.45.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum lifted their price target on shares of NeurAxis from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, March 20th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, NeurAxis presently has a consensus rating of “Buy” and a consensus price target of $13.00.

NeurAxis Stock Performance

The firm’s 50 day simple moving average is $6.62 and its 200-day simple moving average is $4.61. The company has a market cap of $87.94 million, a price-to-earnings ratio of -4.27 and a beta of 1.89.

Institutional Investors Weigh In On NeurAxis

Several institutional investors and hedge funds have recently added to or reduced their stakes in NRXS. Money Concepts Capital Corp acquired a new stake in NeurAxis during the 3rd quarter worth $103,000. Citadel Advisors LLC boosted its stake in NeurAxis by 39.6% during the 3rd quarter. Citadel Advisors LLC now owns 35,627 shares of the company’s stock worth $110,000 after purchasing an additional 10,103 shares during the last quarter. Manatuck Hill Partners LLC acquired a new stake in NeurAxis during the 2nd quarter worth $122,000. State Street Corp acquired a new stake in NeurAxis during the 4th quarter worth $139,000. Finally, Geode Capital Management LLC boosted its holdings in shares of NeurAxis by 48.8% during the 4th quarter. Geode Capital Management LLC now owns 75,653 shares of the company’s stock worth $343,000 after purchasing an additional 24,817 shares during the last quarter. Institutional investors and hedge funds own 11.77% of the company’s stock.

About NeurAxis

NeurAxis (NASDAQ: NRXS) is a clinical-stage biotechnology company focused on the discovery and development of therapeutic candidates for diseases of the central nervous system. The company leverages a proprietary approach to deliver small molecules and biologics across the blood–brain barrier, aiming to address conditions ranging from acute neural injury to chronic neurodegenerative disorders.

NeurAxis advances its pipeline through a combination of in-house research, external collaborations with academic medical centers and contract research organizations, and strategic licensing agreements.