Buy Rating Affirmed for Praxis Precision Medicines Following Positive Phase 3 Study Results

In a report released today, Ami Fadia from Needham maintained a Buy rating on Praxis Precision Medicines, with a price target of $250.00.

Ami Fadia has given his Buy rating due to a combination of factors including the positive outcomes from Praxis Precision Medicines’ Phase 3 studies in the ESSENTIAL3 program. The results from Study 1 showed a statistically significant improvement in the primary endpoint, with a notable reduction in mADL11 scores at week 8. Additionally, Study 2 achieved its pre-specified primary endpoint during the randomized withdrawal phase, demonstrating superior maintenance of effect for ulixa compared to placebo.
Moreover, the key secondary endpoints in Study 1 were also statistically significant, and Study 2 showed a higher rate of disease improvement in patients treated with ulixa versus those on placebo. These promising results have prompted the management to submit a pre-New Drug Application (NDA) request to the FDA, with plans to file the NDA by early 2026. These developments indicate strong potential for Praxis Precision Medicines, justifying the Buy rating.

In another report released today, Guggenheim also maintained a Buy rating on the stock with a $350.00 price target.