PaxMedica, Inc. (NASDAQ:PXMD) Sees Large Increase in Short Interest

PaxMedica, Inc. (NASDAQ:PXMD) was the recipient of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 552,300 shares, a growth of 2,016.1% from the February 29th total of 26,100 shares. Approximately 8.8% of the shares of the stock are sold short. Based on an average daily volume of 289,400 shares, the short-interest ratio is currently 1.9 days.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of PaxMedica in a research note on Monday, December 4th.

Hedge Funds Weigh In On PaxMedica

Institutional investors have recently bought and sold shares of the stock. Susquehanna International Group LLP purchased a new position in PaxMedica during the first quarter valued at $26,000. Bank of America Corp DE purchased a new position in shares of PaxMedica in the 4th quarter worth $30,000. Jane Street Group LLC purchased a new position in shares of PaxMedica in the 3rd quarter worth $43,000. Geode Capital Management LLC purchased a new position in shares of PaxMedica in the 1st quarter worth $59,000. Finally, UBS Group AG grew its stake in shares of PaxMedica by 438.3% in the 4th quarter. UBS Group AG now owns 33,404 shares of the company’s stock worth $68,000 after buying an additional 27,198 shares in the last quarter. 4.90% of the stock is owned by hedge funds and other institutional investors.

PaxMedica Stock Performance

PXMD opened at $0.54 on Thursday. The stock has a market capitalization of $3.96 million, a price-to-earnings ratio of -0.02 and a beta of 0.62. The company has a fifty day moving average of $0.57 and a 200 day moving average of $1.83. PaxMedica has a fifty-two week low of $0.37 and a fifty-two week high of $40.40.

About PaxMedica

PaxMedica, Inc, a clinical stage biopharmaceutical company, focuses on the development of anti-purinergic drug therapies for the treatment of disorders with intractable neurologic symptoms. The company's lead product candidate is PAX-101, an intravenous formulation of suramin for the treatment of autism spectrum disorder, myalgic encephalomyelitis/chronic fatigue syndrome, long COVID-19 syndrome, and human African trypanosomiasis (HAT).