Douglas Tsao, an analyst from H.C. Wainwright, reiterated the Buy rating on Praxis Precision Medicines (PRAX – Research Report). The associated price target remains the same with $105.00.
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Douglas Tsao has given his Buy rating due to a combination of factors related to Praxis Precision Medicines’ promising developments in their epilepsy portfolio. The company’s innovative approach, particularly with their drugs relutrigine and vormatrigine, targets sodium channel modulation in a way that addresses existing tolerability issues in the market.
Relutrigine and vormatrigine are designed to inhibit specific sodium currents that contribute to excessive neuronal excitability, while sparing normal neuronal function. This targeted approach is expected to enhance efficacy and minimize side effects, making these drugs potentially more effective than current options. The upcoming catalysts in the next 18 months further strengthen the outlook for Praxis, contributing to the Buy rating.