PRAX-114 Has "Good Probability of Success and Upside" - Cowen Bullish on Praxis Precision Medicines (PRAX) Ahead of Upcoming Data Readout

Cowen analyst Ritu Baral reiterated an Outperform rating on Praxis Precision Medicines Inc. (NASDAQ: PRAX) ahead of PRAX-114 Ph2/3 Aria MDD data readout later this month.

The analyst comments: "Topline data from PRAX's Ph2/3 Aria trial of PRAX-114 in MDD is expected shortly this month in June.

The Ph2/3 Aria study of 40mg of '114 recently completed dosing with last patient visit on May 5th. We think that the trial's selection of high quality clinical sites, stringent baseline entry criteria (HAM-D17 ≥23 at screening and baseline), rigorous 'SAFER' screening protocol, and control-reminder scripts for resetting patients' trial expectations help position '114 to succeed in the Aria study. Additionally, PRAX has indicated that the study ended up being better powered due to over-enrollment. If positive, the Phase 2/3 study may serve as one of two FDA-required pivotal trials required by the FDA to support clinical efficacy of '114 for monotherapy treatment of MDD.

The data is a major catalyst, as '114 is PRAX's main investment driver. We are cautiously optimistic for success and discuss (1) our expectations for the topline data, (2) scenarios for the potential outcomes, and (3) survey results from institutional investors on expectations."

For an analyst ratings summary and ratings history on Praxis Precision Medicines Inc. click here. For more ratings news on Praxis Precision Medicines Inc. click here.

Shares of Praxis Precision Medicines Inc. closed at $8.59 yesterday.

By Vlad Schepkov

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