Praxis Precision price target raised to $115 from $97 at Oppenheimer

Oppenheimer raised the firm’s price target on Praxis Precision (PRAX) to $115 from $97 and keeps an Outperform rating on the shares. The firm sees an attractive setup for investors into Phase 2 RADIANT study of vormatrigine in epilepsy patients. Oppenheimer anticipates the readout within the next few weeks, and sees potential upside for the shares upon vormatrigine demonstrating a monthly seizure frequency reduction over 50% with favorable safety/tolerability data, considering the study design with 8-week open-label treatment, prior Phase 2 POC data supporting potential efficacy, read-through from relutrigine in DEE patients, and Phase 2 data from potential competitor drugs XEN1101 and cenobamate. The firm’s scenario analysis forecasts +15% probability-adjusted upside. Oppenheimer anticipates RADIANT results to inform the design of pivotal Phase 3 POWER2 study while Phase 2/3 POWER1 continues enrolling with topline results expected in the second half of 2025.