Short Interest in Praxis Precision Medicines, Inc. (NASDAQ:PRAX) Rises By 24.2%

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,900,000 shares, an increase of 24.2% from the December 15th total of 1,530,000 shares. Based on an average daily volume of 329,800 shares, the short-interest ratio is currently 5.8 days. Currently, 11.0% of the shares of the stock are sold short.

Praxis Precision Medicines Stock Performance

Shares of NASDAQ PRAX traded up $0.29 during mid-day trading on Friday, reaching $70.54. 293,837 shares of the company’s stock were exchanged, compared to its average volume of 331,044. The company’s 50-day moving average is $74.43 and its 200-day moving average is $64.17. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -6.85 and a beta of 2.66. Praxis Precision Medicines has a 52-week low of $33.01 and a 52-week high of $86.93.

Praxis Precision Medicines (NASDAQ:PRAX) last announced its earnings results on Wednesday, November 6th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.01) by ($0.74). The company had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.53 million. Praxis Precision Medicines had a negative return on equity of 54.86% and a negative net margin of 9,409.22%. During the same period last year, the business earned ($2.70) EPS. As a group, equities analysts predict that Praxis Precision Medicines will post -10.26 earnings per share for the current fiscal year.

Insider Activity at Praxis Precision Medicines

In other news, General Counsel Alex Nemiroff sold 8,239 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $80.20, for a total value of $660,767.80. Following the completion of the sale, the general counsel now directly owns 10,301 shares in the company, valued at $826,140.20. This represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lauren Mastrocola sold 5,188 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $81.78, for a total transaction of $424,274.64. Following the transaction, the insider now owns 5,613 shares in the company, valued at $459,031.14. The trade was a 48.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Praxis Precision Medicines

Institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank purchased a new position in shares of Praxis Precision Medicines during the second quarter worth $25,000. Quarry LP acquired a new position in Praxis Precision Medicines during the 2nd quarter worth about $83,000. US Bancorp DE lifted its stake in Praxis Precision Medicines by 35.9% during the 3rd quarter. US Bancorp DE now owns 2,289 shares of the company’s stock worth $132,000 after acquiring an additional 605 shares in the last quarter. Intech Investment Management LLC purchased a new position in Praxis Precision Medicines during the 3rd quarter valued at about $217,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Praxis Precision Medicines in the 3rd quarter valued at about $231,000. Institutional investors and hedge funds own 67.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PRAX shares. Needham & Company LLC restated a “buy” rating and set a $151.00 target price on shares of Praxis Precision Medicines in a report on Thursday, November 7th. Oppenheimer boosted their price objective on Praxis Precision Medicines from $143.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Praxis Precision Medicines in a report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Praxis Precision Medicines has an average rating of “Moderate Buy” and an average target price of $146.33.

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.