On Monday, Piper Sandler reaffirmed its Overweight rating and $270.00 price target for Praxis Precision Medicines Inc. (NASDAQ: PRAX), anticipating a series of significant developments in the second half of 2024. This outlook follows a discussion with the management of Praxis Precision Medicines, focusing on several upcoming milestones.
The company is nearing the completion of enrollment for its Essential3 study, with top-line data expected by the end of 2024. Additionally, results from the PRAX-562 study in SCN2A-DEE and SCN8A-DEE are anticipated in the third quarter of 2024. Further, discussions with regulators regarding Elsunersen (PRAX-222) for SCN2A Gain of Function DEE are set to conclude by mid-2024, with trial commencement projected by the end of the year.
Praxis is also preparing to initiate a Phase 2b trial for PRAX-628 in focal epilepsy in the latter half of 2024, with the expectation of top-line results in the second half of 2025. These forthcoming events are seen as potential drivers for the company's stock, offering several opportunities that could positively impact its value.
Piper Sandler expressed confidence in the company's prospects, citing the array of catalysts in the second half of 2024 across different indications with limited therapeutic options. The firm views the current period as an opportune time for investment ahead of these key events, which could serve as pivotal moments for the company's stock performance.
In other recent news, Praxis Precision Medicines has been the subject of extensive analyst attention. Piper Sandler maintained its Overweight rating on Praxis with a steady price target of $270, indicating confidence in the company's potential, particularly in the Essential Tremor (ET) treatment market. This followed a key opinion leader call discussing the management of ET patients and the competitive landscape of treatments.
On another note, Jefferies raised its stock target for Praxis from $128 to $141, maintaining a 'Buy' rating each time, citing successful trial results and anticipation of significant pipeline developments. The firm emphasized the potential of PRAX-562 in the Phase 2 EMBOLD study, which is expected to contribute significantly to the company's value.
Baird initiated coverage on Praxis, assigning an 'Outperform' rating and a price target of $117, highlighting the potential of Praxis' drug candidate, ulixacaltamide. The firm also noted the potential impact of competitor Jazz Pharmaceuticals (NASDAQ:JAZZ)' phase 2b ET readout on Praxis' stock value.
Additionally, Praxis announced a proposed public offering of its common stock, subject to standard market and closing conditions.
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