Analyst Ami Fadia from Needham maintained a Buy rating on Praxis Precision Medicines and keeping the price target at $80.00.
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Ami Fadia has given his Buy rating due to a combination of factors surrounding the recent positive data from Praxis Precision Medicines. The company’s announcement of successful Phase 2 results for Vormatrigine in the treatment of focal onset seizures (FOS) is a significant milestone. The data revealed a substantial median reduction in seizure frequency, with a noteworthy percentage of patients experiencing a complete reduction in seizures during the last 28 days of treatment.
Furthermore, the rapid and sustained response observed in patients, with a majority achieving a 50% reduction in seizures within the first week, highlights the potential efficacy of the treatment. Although specific safety details were not extensively covered, the treatment’s tolerability was positively noted. These promising results are likely to be well-received by investors, contributing to Fadia’s optimistic outlook on the stock.
According to TipRanks, Fadia is a 4-star analyst with an average return of 5.6% and a 47.51% success rate. Fadia covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, ACADIA Pharmaceuticals, and Alkermes.
In another report released on July 29, Chardan Capital also maintained a Buy rating on the stock with a $80.00 price target.