Praxis Precision price target raised to $1,200 from $450 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi raised the firm’s price target on Praxis Precision (PRAX) to $1,200 from $450 and keeps an Overweight rating on the shares. The firm notes Praxis has traded up about 330% in the past 12 months, where this stock movement was predominantly driven by ulixacaltamide’s success in ET and relutrigine in DEEs. As investors are now wondering how much upside remains in the stock, Piper completely updated its model encompassing ulixacaltamide, relutrigine, vormatrigine, and elsunersen. The firm models peak U.S. sales of $23B by 2046. In fact, looking across the three key value-drivers providing the greatest contribution to its price target Piper projects Praxis to achieve over $20B in revenue with an overall penetration of less than 5% peak market share.