Short Interest in Eupraxia Pharmaceuticals Inc. (NASDAQ:EPRX) Rises By 59.9%

Key Points

• Short interest in Eupraxia Pharmaceuticals (NASDAQ:EPRX) increased by 59.9%, reaching 296,100 shares as of September 30th, indicating growing bearish sentiment among investors.
• The company's stock has remained flat at $5.49, with a 52-week range of $2.33 to $7.19, reflecting volatility in its performance.
• Analysts have mixed ratings on Eupraxia Pharmaceuticals, with a consensus rating of “Moderate Buy” and an average price target of $11.00, signaling potential upside in the stock.

Eupraxia Pharmaceuticals Inc. (NASDAQ:EPRX - Get Free Report) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 296,100 shares, a growth of 59.9% from the September 15th total of 185,200 shares. Currently, 0.8% of the company's shares are sold short. Based on an average daily trading volume, of 72,100 shares, the days-to-cover ratio is currently 4.1 days. Based on an average daily trading volume, of 72,100 shares, the days-to-cover ratio is currently 4.1 days. Currently, 0.8% of the company's shares are sold short.

Eupraxia Pharmaceuticals Price Performance

NASDAQ EPRX remained flat at $5.49 on Wednesday. The company's stock had a trading volume of 22,621 shares, compared to its average volume of 155,317. Eupraxia Pharmaceuticals has a 52-week low of $2.33 and a 52-week high of $7.19. The firm's 50-day moving average is $5.61 and its 200-day moving average is $4.81.

Eupraxia Pharmaceuticals (NASDAQ:EPRX - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.05). Sell-side analysts anticipate that Eupraxia Pharmaceuticals will post -0.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Eupraxia Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. TCI Wealth Advisors Inc. purchased a new position in shares of Eupraxia Pharmaceuticals during the 3rd quarter valued at approximately $65,000. Bank of America Corp DE raised its position in shares of Eupraxia Pharmaceuticals by 402.4% during the 2nd quarter. Bank of America Corp DE now owns 12,559 shares of the company's stock valued at $72,000 after acquiring an additional 10,059 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Eupraxia Pharmaceuticals during the 2nd quarter valued at approximately $61,000. JPMorgan Chase & Co. raised its position in shares of Eupraxia Pharmaceuticals by 593.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 18,717 shares of the company's stock valued at $108,000 after acquiring an additional 16,017 shares in the last quarter. Finally, Ingalls & Snyder LLC acquired a new stake in shares of Eupraxia Pharmaceuticals during the 2nd quarter valued at approximately $214,000.

Analysts Set New Price Targets

EPRX has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and issued a $12.00 price target on shares of Eupraxia Pharmaceuticals in a report on Wednesday, August 20th. Weiss Ratings restated a "sell (d-)" rating on shares of Eupraxia Pharmaceuticals in a report on Wednesday, October 8th. Finally, Cantor Fitzgerald initiated coverage on Eupraxia Pharmaceuticals in a report on Thursday, July 24th. They set an "overweight" rating and a $11.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Eupraxia Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $11.00.

About Eupraxia Pharmaceuticals

Eupraxia Pharmaceuticals Inc is a clinical-stage biotechnology company. It focused on the development of locally delivered, extended-release products that have the potential to address therapeutic areas with high unmet medical need. Th company's lead product candidate includes EP-104IAR, for the treatment of pain due to osteoarthritis of the knee.

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