Piper Sandler on Praxis Precision Medicines Inc. (PRAX): '2025 a Key Year to Drive Substantial Shares Gains'

Piper Sandler analyst Yasmeen Rahimi reiterated an Overweight rating and $270.00 price target on Praxis Precision Medicines Inc. (NASDAQ: PRAX).

The analyst said: "We held a fireside chat with PRAX, digging into the possible scenarios for ulixacaltamide's Ph3 Essential3 ET Study 1 interim in 1Q25, PD opportunity, vormatrigine in FOS/ generalized epilepsy, and relutrigine Ph2 EMBOLD Cohort 2 in SCN2A/SCN8A DEEs (note here; pgs. 61-64). Furthermore, we hosted an investor dinner, diving into additional color on the Essential3 Study 1 interim implications/thoughtful execution, and participant interest, further validating the sizable ET market with ~2M US patients as a base case. Moreover, our note captures PRAX's commentary on their other pipeline assets, detailing expectations into vormatrigine's Ph2 RADIANT in 1H25 and relutrigine Cohort 2 progressing well.

All told, we remain bullish on PRAX and believe 2025 will be a key year to drive substantial shares gains."

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 $69.90 yesterday.

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