Praxis Precision Medicines: Ulixacaltamide’s Commercial Edge and 2026 Pipeline Catalysts Drive Substantial Upside to $843 Target

BTIG analyst Kambiz Yazdi has maintained their bullish stance on PRAX stock, giving a Buy rating on December 15.

Kambiz Yazdi has given his Buy rating due to a combination of factors tied primarily to the commercial potential of ulixacaltamide (ulixa) in essential tremor (ET). He believes Praxis is uniquely positioned for launch, as management aims to build an ET patient database approaching one million individuals by the time of commercialization, leveraging more than 200,000 patients who have already completed pre-screening forms in the Essential3 program as early evidence of strong demand. This large, proprietary database is expected to allow highly targeted physician outreach, rapid patient identification, and a strong funnel of eligible candidates at approval, creating a structural advantage versus typical neurology launches.

Yazdi also views the ET market as larger, less crowded, and more commercially attractive than the tardive dyskinesia segment, while using Neurocrine’s Ingrezza as a reasonable benchmark for ulixa’s pricing power, even assuming a discount relative to Ingrezza’s >$100,000 annual cost. On that basis, he models meaningfully higher U.S. ulixa pricing than the broader Street, and projects more treated patients, yet still characterizes his assumptions as conservative in light of the existing demand indicators. In addition, he highlights a rich 2026 catalyst calendar not only for ulixa but also for other pipeline assets such as relutrigine and vormatrigine, which could add incremental value. Integrating these factors, Yazdi’s valuation work—anchored in a blended DCF and peak-sales multiple framework extending to 2040—supports a substantial upside, reflected in his $843 price target and Buy recommendation on Praxis Precision Medicines.

According to TipRanks, Yazdi is a 5-star analyst with an average return of 46.6% and a 74.07% success rate. Yazdi covers the Healthcare sector, focusing on stocks such as Praxis Precision Medicines, vTv Therapeutics, and Arcutis Biotherapeutics.

In another report released on December 15, Oppenheimer also maintained a Buy rating on the stock with a $750.00 price target.