Analyst Ritu Baral of TD Cowen maintained a Buy rating on Praxis Precision Medicines, boosting the price target to $353.00.
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Ritu Baral has given his Buy rating due to a combination of factors, primarily centered around the promising clinical data presented by Praxis Precision Medicines. The Phase 2 RADIANT study results for vormatrigine showed a significant reduction in seizure frequency, with a median reduction of nearly 100% in focal onset seizures by week 8, and an 80% reduction in generalized epilepsy. This indicates a strong and deepening treatment effect over time, with some patients achieving complete seizure freedom.
Additionally, the EMBOLD study data for relutrigine demonstrated a notable placebo-adjusted seizure reduction of 53%, further supporting the potential efficacy of Praxis’s treatments. The safety profile of vormatrigine was also favorable, with mild to moderate adverse effects, making it competitive against standard-of-care anti-seizure medications. These compelling clinical outcomes, alongside the strategic development of next-generation sodium channel modulators, underpin Baral’s optimistic outlook and Buy rating for Praxis Precision Medicines.
According to TipRanks, Baral is a top 100 analyst with an average return of 40.0% and a 58.52% success rate. Baral covers the Healthcare sector, focusing on stocks such as Insmed, ACADIA Pharmaceuticals, and Palvella Therapeutics.