Praxis Precision Medicines Inc. (PRAX) PT Raised to $155 at Guggenheim
Guggenheim analyst Yatin Suneja raised the price target on Praxis Precision Medicines Inc. (NASDAQ: PRAX) to $155.00 (from $120.00) while maintaining a Buy rating.
The analyst comments "Key Message: In the open-label RADIANT study (n=37), vormatrigine demonstrated an impressive 56.3% reduction in monthly seizure frequency and a 22% rate of seizure freedom (last 28 days) in the "very significantly over treated" adult FOS patients. These results are well within the 40-60% expectation range from the company and in-line with other recent FOS studies (XEN1101: 53%; Xcopri: ~55%) even with patients continuing their background medications (2.2 on average). Steady state is reached with 1-2 weeks without any titration requirement and efficacy results correlated with exposure, demonstrating high response rates (>50%) as early as Week 1. The safety/tolerability profile appears to be in line/better than similar studies (see table below). The 23% discontinuation rate is also similar to other drugs and likely to be managed better in future studies. The ongoing pivotal POWER 1 study (data coming late 2025/early 2026 per our est) is 12-weeks, which we think will benefit them as efficacy continues to improve with time. Full data, including all 61 FOS patients and ~10-15 generalized patients will be presented at future medical conferences. Our PT moves to $155 (from $120)."