NeurAxis (NASDAQ:NRXS) Trading Down 5.7% – Here’s What Happened

NeurAxis, Inc. (NASDAQ:NRXS)’s stock price fell 5.7% during mid-day trading on Thursday . The stock traded as low as $4.54 and last traded at $4.63. 136,167 shares traded hands during trading, an increase of 4% from the average session volume of 130,490 shares. The stock had previously closed at $4.91.

Wall Street Analyst Weigh In

Separately, Craig Hallum upped their price target on NeurAxis from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.00.

NeurAxis Stock Down 5.7%

The firm has a market cap of $49.32 million, a P/E ratio of -2.52 and a beta of 2.80. The business’s 50 day moving average is $3.52 and its two-hundred day moving average is $2.99.

Insider Activity

In other NeurAxis news, Director Gil Aharon acquired 286,138 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The shares were bought at an average cost of $3.52 per share, with a total value of $1,007,205.76. Following the purchase, the director directly owned 286,138 shares of the company’s stock, valued at $1,007,205.76. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 26.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NeurAxis

A number of hedge funds have recently added to or reduced their stakes in NRXS. AIGH Capital Management LLC boosted its holdings in shares of NeurAxis by 1,913.2% during the 2nd quarter. AIGH Capital Management LLC now owns 400,000 shares of the company’s stock worth $968,000 after buying an additional 380,131 shares in the last quarter. Manatuck Hill Partners LLC acquired a new position in shares of NeurAxis during the 2nd quarter valued at $122,000. Money Concepts Capital Corp acquired a new position in shares of NeurAxis during the 3rd quarter valued at $103,000. Wealthcare Advisory Partners LLC bought a new position in NeurAxis during the second quarter worth $37,000. Finally, Citadel Advisors LLC grew its holdings in NeurAxis by 39.6% in the third 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 period. 11.77% of the stock is currently owned by institutional investors.

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.