Raymond James Starts Praxis Precision Medicines Inc. (PRAX) at Strong Buy, 'Bears Sound Smart, but Bulls Make Money'
Raymond James analyst Tiago Fauth initiates coverage on Praxis Precision Medicines Inc. (NASDAQ: PRAX) with a Strong Buy rating and a price target of $815.00.
The analyst comments "Ulixa’s (ulixacaltamide’s) potential FDA approval in early 2027 is the key catalyst for the stock over the next 12 months, and it’s an intensely debated one, primarily because of a primary endpoint change following a futility analysis. We believe there are several issues with the bear argument, and more importantly, this entire debate on penalties, sensitivities, and analysis sets glosses over the overwhelming evidence that ulixa’s benefits outweigh its risks. Overall, where bears see a coin flip, we see a slam dunk—we model 95% PoS. Following potential FDA approval, Praxis will be launching ulixa in essential tremor (ET), which we see as the most attractive market in our coverage universe, with $8+ billion peak sales potential. We believe there are very few SMID biotechs that offer exposure to a potential mega blockbuster, particularly at PRAX’s valuation—ulixa’s positive regulatory outlook is not priced in, much less its commercial potential."
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 $320.22 yesterday.