Praxis Precision price target raised to $250 from $115 at Oppenheimer

Oppenheimer raised the firm’s price target on Praxis Precision (PRAX) to $250 from $115 and keeps an Outperform rating on the shares. The firm says the company surprised investors with a “double-win” in the Phase 3 ESSENTIAL3 program for ulixacaltamide in essential tremor. Ulixacaltamide met all endpoints in Study-1 and its primary endpoint in Study-2 with a competitive safety profile compared to incumbent propranolol, the analyst tells investors in a research note. The firm says Study-1’s “unexpected success” provides a clear regulatory path forward for ulixacaltamide. Opco sees a potential FDA approval in 2027.