NeurAxis (NASDAQ:NRXS) Trading 5.2% Higher – Still a Buy?

Shares of NeurAxis, Inc. (NASDAQ:NRXS) rose 5.2% on Friday . The stock traded as high as $7.30 and last traded at $7.27. Approximately 104,359 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 150,096 shares. The stock had previously closed at $6.91.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum increased their price objective on NeurAxis from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, March 20th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, NeurAxis currently has a consensus rating of “Buy” and an average target price of $13.00.

NeurAxis Stock Performance

The firm’s 50-day simple moving average is $7.39 and its 200 day simple moving average is $5.99. The company has a market cap of $90.03 million, a P/E ratio of -3.95 and a beta of 1.42.

Institutional Investors Weigh In On NeurAxis

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Money Concepts Capital Corp boosted its holdings in NeurAxis by 1.3% during the first quarter. Money Concepts Capital Corp now owns 225,555 shares of the company’s stock worth $1,669,000 after buying an additional 2,950 shares during the last quarter. Corsair Capital Management L.P. bought a new stake in shares of NeurAxis in the 1st quarter valued at about $74,000. Citadel Advisors LLC raised its position in shares of NeurAxis by 39.6% in 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 during the period. Elevation Point Wealth Partners LLC acquired a new stake in shares of NeurAxis in the 1st quarter valued at approximately $81,000. Finally, Geode Capital Management LLC boosted its stake in NeurAxis by 48.8% during the 4th quarter. Geode Capital Management LLC now owns 75,653 shares of the company’s stock worth $343,000 after acquiring an additional 24,817 shares during the last quarter. Institutional investors own 11.77% of the company’s stock.

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.