Praxis Precision Medicines Inc. (PRAX) PT Raised to $315 at Needham

Needham analyst Ami Fadia raised the price target on Praxis Precision Medicines Inc. (NASDAQ: PRAX) to $315.00 (from $304.00) while maintaining a Buy rating.

The analyst commented: "We raise our PT following data updates at AES. The key driver for our PT change is updated vormatrigine data in FOS in 65 patients, which meaningfully improved its competitive differentiation on efficacy with a change from baseline seizure frequency of 100% (vs ~56% previously) and % patients with 100% seizure reduction growing to >33%. We also got vormatrigine's data in 3 patients with generalized seizures for the first time, which provides encouraging early POC. Lastly, data on relutrigine supports its best-in-class profile in SCN2A and SCN8A DEEs with 53% pbo-adjusted seizure reduction, progressive deepening in efficacy and benefit across several domains. We see a continued strong catalyst path for PRAX with vormatrigine POWER 1 data in 1H26, Ulixa's NDA submission in early 2026 and FDA acceptance, and PRAX-222 data in 1H26."

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