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Investing.com - Guggenheim raised its price target on Praxis Precision Medicines Inc . (NASDAQ:PRAX) to $155.00 from $120.00 on Monday, while maintaining a Buy rating on the stock. According to InvestingPro data, analysts’ targets for PRAX range from $28 to $270, with the stock currently trading at $49.78.
The upgrade follows impressive results from the company’s open-label RADIANT study, which showed that its drug vormatrigine achieved a 56.3% reduction in monthly seizure frequency among adult focal onset seizure (FOS) patients.
The study also demonstrated a 22% rate of seizure freedom in the last 28 days of treatment, with efficacy results correlating with exposure and showing high response rates exceeding 50% as early as Week 1 of treatment.
Guggenheim noted that these results were achieved despite patients continuing their background medications (2.2 on average), and the efficacy was comparable to other recent FOS studies such as XEN1101 (53%) and Xcopri (approximately 55%).
The ongoing pivotal POWER 1 study is expected to produce data in late 2025 or early 2026, with Guggenheim suggesting the 12-week duration will benefit the company as efficacy continues to improve with time. InvestingPro subscribers can access 8 additional key tips about PRAX’s financial health and market position, along with comprehensive valuation metrics and growth forecasts.
In other recent news, Praxis Precision Medicines announced positive topline results from its Phase 2 RADIANT study evaluating vormatrigine in patients with focal onset seizures. The study showed a 56.3% median reduction in seizure frequency, with 22% of patients achieving complete elimination of seizures in the last 28 days of treatment. Additionally, over 54% of patients reached a 50% response rate within the first week of treatment. The U.S. Food and Drug Administration granted Breakthrough Therapy Designation to Praxis’s investigational drug relutrigine for pediatric patients with SCN2A and SCN8A developmental and epileptic encephalopathies. This designation was supported by data from the Phase 2 EMBOLD study and 11 months of open-label extension data. H.C. Wainwright maintained its Buy rating on Praxis stock with a $105.00 price target, highlighting the growing recognition of relutrigine’s potential. Piper Sandler reiterated an Overweight rating and a $270.00 price target, noting the anticipated quiet period before more data from the Focal Onset Seizure trial is expected. These developments signal ongoing progress in Praxis’s drug development efforts.
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