Praxis Precision price target lowered to $85 from $150 at Needham

Needham lowered the firm’s price target on Praxis Precision (PRAX) to $85 from $150 and keeps a Buy rating on the shares. The firm is removing Ulixa sales from its model after the company disclosed last week that Independent Data Monitoring Committee recommended that its study be stopped for futility, due to the results being unlikely to meet the primary efficacy endpoint, the analyst tells investors in a research note. At this time, the firm is assuming that the probability of success for this program is “minimal” until there is more clarity on the final topline, Needham added.