Adaptimmune stock plunges after announcing Nasdaq delisting plans
BOSTON - Praxis Precision Medicines, Inc. (NASDAQ:PRAX), which has seen its stock surge over 205% in the past week according to InvestingPro data, has priced its underwritten public offering of 3,025,480 shares of common stock at $157.00 per share, the clinical-stage biopharmaceutical company announced Thursday.
The offering also includes pre-funded warrants to purchase up to 318,470 shares at $156.9999 per warrant. These warrants have an exercise price of $0.0001 per share.
Praxis expects to raise approximately $525 million in gross proceeds before deducting underwriting discounts, commissions, and offering expenses. The company has also granted underwriters a 30-day option to purchase up to an additional 501,592 shares at the public offering price.
The offering is expected to close around October 20, 2025, subject to market conditions and customary closing conditions. Technical indicators from InvestingPro suggest the stock is currently in overbought territory, with analyst price targets ranging from $33 to $441 per share. Get access to 15+ additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
TD Cowen, Piper Sandler, Guggenheim Securities, and Truist Securities are acting as joint book-running managers for the offering, while Oppenheimer & Co. and H.C. Wainwright & Co. are serving as lead managers.
Praxis is developing therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. The offering is being conducted pursuant to a shelf registration statement that became effective in December 2024.
The company filed a preliminary prospectus supplement related to the offering with the Securities and Exchange Commission on October 16, with a final prospectus supplement to follow.
All shares and pre-funded warrants in the offering are being offered by Praxis, according to the company’s press release statement.
In other recent news, Praxis Precision Medicines announced a proposed public offering of its common stock and pre-funded warrants. This move includes granting underwriters a 30-day option to purchase additional shares, amounting to up to 15% of the securities sold in the offering. The announcement comes amidst a series of positive developments for the company. Notably, Praxis reported successful Phase 3 clinical trial results for its essential tremor treatment, ulixacaltamide, in the ESSENTIAL3 program. Following these results, several investment firms have raised their price targets for Praxis. Oppenheimer increased its price target to $250, maintaining an Outperform rating. Truist Securities raised its price target significantly to $360, while Baird adjusted its target to $275, both maintaining positive ratings. Additionally, TD Cowen raised its price target to $251, reflecting optimism in the company’s recent trial success.
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