Value Of Praxis Precision Medicines' Lead Program In Essential Tremor Alone Is Underappreciated: Analyst
Portfolio Pulse from Vandana Singh
Needham initiated coverage on Praxis Precision Medicines Inc (NASDAQ:PRAX) with a Buy rating and a price target of $145. The company's lead product, ulixacaltamide, is in Phase 3 trials for essential tremor, with results expected in the second half of 2024. If successful, sales could peak at over $1 billion by 2030. Praxis also has other promising programs, including PRAX-628 for focal onset seizures and PRAX-562 for developmental and epileptic encephalopathies. The company's cash runway extends into 2027.
June 24, 2024 | 7:54 pm
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Needham initiated coverage on Praxis Precision Medicines with a Buy rating and a price target of $145. The company's lead product, ulixacaltamide, is in Phase 3 trials for essential tremor, with results expected in the second half of 2024. If successful, sales could peak at over $1 billion by 2030. Praxis also has other promising programs and a cash runway into 2027.
The Buy rating and high price target from Needham, along with the potential for significant sales from ulixacaltamide and other programs, are likely to positively impact PRAX's stock price in the short term. The company's strong cash position further supports this positive outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100