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Investing.com - Praxis Precision Medicines Inc. (NASDAQ:PRAX) shares surged 210% on Thursday following positive Phase 3 clinical trial results for its essential tremor treatment, prompting Oppenheimer to more than double its price target. The company, now valued at $3.77 billion, maintains a healthy balance sheet with a current ratio of 6.31 and more cash than debt, though InvestingPro data shows rapid cash burn rates.
The investment firm raised its price target on Praxis to $250.00 from $115.00 while maintaining an Outperform rating after the company’s ulixacaltamide treatment delivered unexpected success in its ESSENTIAL3 clinical program.
The drug met all endpoints in Study-1 and its primary endpoint in Study-2, showing a competitive safety profile compared to propranolol, the current standard treatment for essential tremor.
Oppenheimer noted that previous guidance for the Study-1 futility analysis and the removal of essential tremor from valuation had discouraged high expectations, making the positive results particularly significant.
The firm now expects Praxis to file a New Drug Application in early 2026, potentially leading to FDA approval and commercial launch in 2027, with the essential tremor opportunity now incorporated into Oppenheimer’s valuation model.
In other recent news, Praxis Precision Medicines has garnered attention following the announcement of positive topline results from its Phase 3 studies on ulixacaltamide for essential tremor. The drug met its primary and secondary endpoints, with Study 1 showing a statistically significant mean improvement of 4.3 points in the Modified Activities of Daily Living 11 at Week 8. These successful outcomes have led to a series of analyst upgrades. Truist Securities has increased its price target for Praxis Precision Medicines to $360, maintaining a Buy rating. Similarly, Guggenheim has raised its target to $350, also keeping a Buy rating, citing successful pivotal trial results. Baird has adjusted its target to $275, describing the results as "thesis changing" for the company. TD Cowen has also raised its price target to $251, highlighting the drug’s success in meeting its primary endpoint. These developments reflect a strong consensus among analysts regarding the potential impact of Praxis’s recent trial results.
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