NeurAxis (NASDAQ:NRXS) Shares Up 9.6% – Here’s What Happened

NeurAxis, Inc. (NASDAQ:NRXS) shares traded up 9.6% during mid-day trading on Wednesday . The stock traded as high as $3.89 and last traded at $3.8150. 98,253 shares traded hands during trading, a decline of 84% from the average session volume of 598,177 shares. The stock had previously closed at $3.48.

Analysts Set New Price Targets

Separately, Craig Hallum upped their price objective on shares of NeurAxis from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $8.00.

NeurAxis Stock Performance

The company has a market cap of $40.64 million, a price-to-earnings ratio of -2.07 and a beta of 3.13. The business has a fifty day moving average price of $2.86 and a 200 day moving average price of $2.70.

Institutional Investors Weigh In On NeurAxis

A number of hedge funds have recently made changes to their positions in the stock. AIGH Capital Management LLC lifted its stake in NeurAxis by 1,913.2% in the 2nd quarter. AIGH Capital Management LLC now owns 400,000 shares of the company’s stock valued at $968,000 after purchasing an additional 380,131 shares during the last quarter. Manatuck Hill Partners LLC acquired a new position in shares of NeurAxis during the second quarter worth $122,000. Money Concepts Capital Corp bought a new position in shares of NeurAxis in the 3rd quarter valued at $103,000. Wealthcare Advisory Partners LLC acquired a new stake in shares of NeurAxis during the 2nd quarter valued at $37,000. Finally, Citadel Advisors LLC boosted its holdings in shares of NeurAxis by 39.6% during the 3rd quarter. Citadel Advisors LLC now owns 35,627 shares of the company’s stock valued at $110,000 after acquiring an additional 10,103 shares in the last quarter. 11.77% of the stock is currently owned by institutional investors and hedge funds.

NeurAxis Company Profile

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.