Praxis Precision initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Praxis Precision (PRAX) with an Equal Weight rating and $282 price target The firm believes sentiment towards ulixacaltamide is bullish. However, Wells finds the approval “hard to call” and ascribes a 50% probability of success. The Praxis share setup into the FFDA review is “downside biased,” the analyst tells investors in a research note.