Praxis Precision Medicines (PRAX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Ami Fadia from Needham maintained a Buy rating on the stock and has a $85.00 price target.
Ami Fadia has given his Buy rating due to a combination of factors that suggest potential future growth for Praxis Precision Medicines. Despite the setback with ulixacaltamida, which faced challenges in meeting primary endpoints, the current stock price presents an attractive entry point for investors. The company is continuing its research efforts, particularly with the ongoing studies for vormatrigine and relutrigine, which are expected to provide significant data in the coming years.
The anticipation of Phase 2 data for vormatrigine in mid-2025 and further insights into relutrigine’s clinical program are key drivers for this optimistic outlook. These developments could potentially enhance the company’s pipeline and offer substantial growth opportunities, making the stock a compelling buy at its current valuation.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $105.00 price target.