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

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 763,900 shares, a growth of 77.1% from the March 31st total of 431,400 shares. Based on an average trading volume of 200,900 shares, the short-interest ratio is currently 3.8 days. Currently, 4.7% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Jefferies Financial Group upped their price target 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. HC Wainwright restated a “buy” rating and set a $105.00 price target on shares of Praxis Precision Medicines in a research report on Friday. Finally, Wedbush upped their price target on shares of Praxis Precision Medicines from $16.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th.

Hedge Funds Weigh In On Praxis Precision Medicines

Several large investors have recently made changes to their positions in PRAX. Bank of New York Mellon Corp boosted its position in shares of Praxis Precision Medicines by 409.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 75,077 shares of the company’s stock valued at $128,000 after purchasing an additional 60,342 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Praxis Precision Medicines by 19.3% in the third quarter. CIBC Asset Management Inc now owns 1,825,910 shares of the company’s stock worth $3,122,000 after buying an additional 295,425 shares during the period. Jump Financial LLC acquired a new position in shares of Praxis Precision Medicines in the third quarter worth about $56,000. Silverarc Capital Management LLC boosted its holdings in shares of Praxis Precision Medicines by 18.5% in the third quarter. Silverarc Capital Management LLC now owns 4,117,920 shares of the company’s stock worth $7,042,000 after buying an additional 641,758 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Praxis Precision Medicines by 45.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,130 shares of the company’s stock worth $96,000 after buying an additional 17,428 shares during the period. Institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Stock Up 3.6 %

Shares of PRAX opened at $54.80 on Monday. The firm has a 50-day moving average price of $51.97 and a 200 day moving average price of $34.72. The firm has a market capitalization of $725.55 million, a PE ratio of -2.32 and a beta of 2.89. Praxis Precision Medicines has a 52-week low of $12.45 and a 52-week high of $67.21.

Praxis Precision Medicines (NASDAQ:PRAX) last posted its quarterly earnings data on Tuesday, March 5th. The company reported ($2.97) earnings per share for the quarter, beating the consensus estimate of ($3.05) by $0.08. Praxis Precision Medicines had a negative net margin of 5,037.88% and a negative return on equity of 151.02%. The company had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.30 million. On average, equities analysts expect that Praxis Precision Medicines will post -8.64 EPS for the current 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.