Park Ha Biological Technology stock rises on upcoming ticker symbol change
Investing.com - Truist Securities has raised its price target on Praxis Precision Medicines Inc. (NASDAQ:PRAX) to $360.00 from $85.00 while maintaining a Buy rating following positive clinical trial results. The stock, currently trading at $174.60 with a market capitalization of $3.66 billion, has shown remarkable momentum with a 92% gain over the past six months according to InvestingPro data.
The price target increase comes after Praxis announced topline results from both Study 1 and Study 2 of its ESSENTIAL3 trial evaluating ulixacaltamide (ulixa) in essential tremor (ET). The company reported positive outcomes from these studies.
Praxis plans to schedule a pre-New Drug Application (NDA) meeting and aims to file an NDA in early 2026, according to Truist Securities’ research note.
The firm highlighted the significant commercial potential for the treatment, noting that approximately 7 million people in the United States suffer from essential tremor without an FDA-approved medication specifically for the condition.
Truist Securities stated it has reintroduced essential tremor in its sum-of-the-parts valuation model, which drove the substantial price target increase from $85 to $360, even while maintaining what it described as "conservative assumptions."
In other recent news, Praxis Precision Medicines has reported positive results from its Phase 3 clinical trials, which have led to significant increases in the company’s stock price targets by multiple analyst firms. Guggenheim raised its price target to $350, citing successful outcomes in both parallel group and randomized withdrawal studies for the essential tremor treatment ulixacaltamide. Baird also increased its price target to $275, describing the trial results as "thesis changing." TD Cowen followed suit, raising its target to $251 after the drug candidate Ulixa met its primary endpoint in essential tremor studies.
These developments have been accompanied by Piper Sandler reiterating an Overweight rating with a price target of $270, highlighting the company’s upcoming catalyst lineup. The positive trial results have been a key factor in these optimistic assessments, with the drug showing statistically significant improvements in patients. The studies were conducted with a modified endpoint timing and statistical plan developed in consultation with the FDA. The recent news marks a significant milestone for Praxis Precision Medicines, reflecting a strong potential for its essential tremor treatment.
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