Analyst Ami Fadia of Needham maintained a Buy rating on Praxis Precision Medicines (PRAX – Research Report), retaining the price target of $85.00.
Ami Fadia has given his Buy rating due to a combination of factors that highlight the promising future of Praxis Precision Medicines. The company is strategically positioned to enhance shareholder value through its robust epilepsy portfolio. Key upcoming catalysts include the anticipated Phase 2 data for vormatrigine from the RADIANT study expected in mid-2025, and the POWER1 data in the second half of 2025. Additionally, the initiation of the relutrigine’s EMERALD study in all DEEs is slated for mid-2025, with subsequent data readouts from the EMBOLD study in SCN2A & 8A in the first half of 2026, and elsunersen’s EMBRAVE study in SCN2A GoF in the first half of 2026.
Furthermore, the company’s proactive engagement with investors, including an upcoming investor day, underscores its commitment to transparency and shareholder communication. These factors collectively contribute to a positive outlook for Praxis Precision Medicines, justifying the Buy rating assigned by Ami Fadia.