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Investing.com - TD Cowen raised its price target on Praxis Precision Medicines Inc. (NASDAQ:PRAX) to $251.00 from $61.00 on Thursday, while maintaining a Buy rating on the stock. The company’s shares have surged over 92% in the past six months, with InvestingPro data showing strong price momentum despite high volatility.
The significant price target increase follows positive Phase 3 clinical trial results for Praxis’s drug candidate Ulixa, which met its primary endpoint in both essential tremor studies.
According to TD Cowen, the drug demonstrated statistically significant improvement in mADL11 (modified Activities of Daily Living) compared to placebo in the first study and superior maintenance of effect in the second study.
The firm noted that Praxis is expected to hold a pre-NDA meeting before year-end, with a New Drug Application submission planned for early 2026.
TD Cowen indicated that balancing Ulixa’s tolerability profile, which includes side effects like brain fog and dizziness, against its efficacy will be a key factor in determining the drug’s market potential.
In other recent news, Praxis Precision Medicines announced positive outcomes from two pivotal Phase 3 studies of its essential tremor treatment, ulixacaltamide HCl. The studies demonstrated statistically significant improvements, meeting both primary and key secondary endpoints, which contributed to a surge in the company’s stock. Following these results, Guggenheim raised its price target for Praxis to $350, maintaining a Buy rating. Piper Sandler also reiterated an Overweight rating with a $270 price target, citing the company’s promising catalyst lineup and recent positive Phase 2 data for its epilepsy treatment, vormatrigine. Furthermore, Praxis terminated its 2024 Open Market Sale Agreement with Jefferies LLC and initiated a new $250 million at-the-market equity offering program with TD Cowen. The company had previously sold shares worth approximately $86.2 million under the former agreement. These developments reflect significant movements and strategic changes within Praxis Precision Medicines.
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