In a report released yesterday, Ritu Baral from TD Cowen maintained a Buy rating on Praxis Precision Medicines, with a price target of $251.00.
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Ritu Baral has given her Buy rating due to a combination of factors surrounding Praxis Precision Medicines’ recent developments and financial outlook. The company has reported positive results from its Phase 3 trials of ulixacaltamide for Essential Tremor, which demonstrated significant efficacy compared to placebo. This success has paved the way for a pre-New Drug Application (NDA) meeting with the FDA scheduled for the fourth quarter of 2025, with an NDA submission expected in the first half of 2026.
Additionally, Praxis has a strong financial position, with a cash runway expected to last into 2028, bolstered by a recent equity raise. This financial stability, combined with promising clinical data, supports the potential for future growth and success. The upcoming interim analysis of the EMBOLD SCN2A/8A relutrigine Cohort 2 and the anticipated Phase 2/3 FOS POWER1 vormatrigine results further contribute to the positive outlook, reinforcing Baral’s confidence in the company’s prospects.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PRAX in relation to earlier this year.