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Investing.com - Piper Sandler has reiterated an Overweight rating and $270.00 price target on Praxis Precision Medicines Inc . (NASDAQ:PRAX), representing a significant upside from the current price of $50.46, following an investor dinner in New York City ahead of the company’s Phase 2 RADIANT trial readout. According to InvestingPro data, the stock has shown strong momentum in recent months despite its high beta of 2.61.
The research firm noted that Praxis management expects to enter a quiet period imminently, with potential Focal Onset Seizure (FOS) data expected by approximately the end of July. Management reiterated that success criteria for the trial would be approximately 40-60% median seizure reduction with strong safety and tolerability.
Praxis emphasized that the RADIANT trial will provide key pharmacokinetic data on vormatrigine’s exposure profile in FOS patients, which will help finalize the Phase 2/3 POWER2 trial design. The POWER2 trial initiation is expected in late August or September.
The company also reviewed its ongoing trials for relutrigine, including the Phase 3 EMERALD trial in Developmental and Epileptic Encephalopathies (DEEs) and the Phase 2/3 EMBOLD Cohort 2 trial in SCN2A/SCN8A, which has a topline readout expected in the first half of 2026 and a potential NDA filing in 2026.
Praxis management also discussed elsunersen’s Phase 1/2 EMBRAVE trial and Phase 3 EMBRAVE3 trials, with the EMBRAVE trial expected to have topline results in the first half of 2026.
In other recent news, Praxis Precision Medicines reported significant progress in its developmental and epileptic encephalopathies (DEEs) treatments. The company shared promising data indicating a mean seizure reduction of approximately 90% after 11 months of relutrigine treatment. This development has been supported by the FDA granting Orphan Drug and Rare Pediatric Disease Designations for relutrigine. In another positive update, Praxis is advancing its EMBRAVE3 trial for elsunersen, targeting SCN2A gain-of-function mutations, with a focus on early intervention. Financially, Praxis maintains a strong position with cash reserves of $472 million as of the first quarter of 2025, expected to support operations through 2028.
Oppenheimer has assigned an Outperform rating to Praxis, citing optimism about the company’s management execution and upcoming milestones, including the RADIANT and POWER1 trials. Piper Sandler also reiterated its Overweight rating, emphasizing the potential of vormatrigine for treating epilepsy and its anticipated Phase 2 and Phase 3 trial results. Meanwhile, Chardan Capital Markets initiated coverage with a Buy rating, setting a price target of $80, expressing confidence in Praxis’s epilepsy treatments despite a recent setback in another program. The company’s strategic focus on its epilepsy portfolio is underscored by multiple products advancing into late-stage trials, with pivotal study results anticipated in the coming years.
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