In a report released today, Douglas Tsao from H.C. Wainwright maintained a Buy rating on Praxis Precision Medicines, with a price target of $258.00.
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Douglas Tsao has given his Buy rating due to a combination of factors, including the promising prospects of Praxis Precision Medicines’ drug pipeline. The company is on the verge of another significant breakthrough with the upcoming relutrigine readout, which is expected to enhance the stock’s value further. The recent fireside chat with Praxis management highlighted the company’s strategic focus on pre-NDA meetings, pricing strategies, and commercial opportunities for both relutrigine and ulixacaltamide.
Additionally, the management provided reassuring updates on the EMBOLD Cohort 2 study, which is crucial for bringing relutrigine to the market by 2026. The study’s interim analysis is highly powered and builds on the strong efficacy results observed in EMBOLD Cohort 1. The alignment with the FDA on the interim analysis and the statistical methods used further bolster confidence in relutrigine’s potential. These factors collectively contribute to Tsao’s optimistic outlook and the increased price target for Praxis Precision Medicines.
In another report released on November 10, LifeSci Capital also maintained a Buy rating on the stock with a $383.00 price target.