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Investing.com - TD Cowen maintained its Buy rating and $61.00 price target on Praxis Precision Medicines Inc . (NASDAQ:PRAX) following encouraging clinical trial results for its seizure treatment. Currently trading at $49.01, the stock has strong analyst support, with InvestingPro data showing analyst targets ranging from $33 to $270.
The firm expressed optimism about vormatrigene’s performance in recent trials, noting the treatment achieved a 56.3% median seizure frequency reduction, slightly exceeding analyst expectations.
Data showed rapid patient response, with 54% of participants experiencing a median seizure frequency reduction of at least 50% as early as week one, improving to 67% by week eight.
TD Cowen highlighted the "deepening of seizure reduction over longer treatment," suggesting a potential "systemic reset" mechanism that establishes new neuronal firing patterns despite earlier pharmacokinetic exposure plateaus.
The firm believes these results indicate positive prospects for the Phase 2/3 POWER1 study results expected by year-end 2025, noting that the upcoming Phase 3 POWER studies will run slightly longer at 12 weeks compared to the 8-week RADIANT trial.
In other recent news, Praxis Precision Medicines has announced positive topline results from its Phase 2 RADIANT study for the drug vormatrigine, which led to a 56.3% median reduction in seizure frequency among patients with focal onset seizures. Approximately 22% of patients achieved complete elimination of seizures in the last 28 days of treatment. Following these results, Guggenheim raised its price target for Praxis to $155.00, maintaining a Buy rating, while Wedbush increased its target to $33.00 but kept an Underperform rating due to challenges in interpreting the data.
Additionally, Praxis received Breakthrough Therapy Designation from the FDA for relutrigine, aimed at treating pediatric patients with SCN2A and SCN8A developmental and epileptic encephalopathies. This designation is supported by data from the Phase 2 EMBOLD study and is intended to expedite the drug’s development and regulatory review. H.C. Wainwright reiterated its Buy rating for Praxis with a $105.00 price target, highlighting the growing recognition of relutrigine’s potential. These developments reflect the company’s ongoing efforts in advancing treatments for epilepsy and related disorders.
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