On Wednesday, Jefferies adjusted the price target for Praxis Precision Medicines Inc. (NASDAQ: PRAX), a company specializing in neurological disorder treatments, raising it significantly to $305.00 from the previous $144.00, while maintaining a Buy rating.
The investment firm said Praxis is a 'top idea' for 2025 and highlighted its diverse neurological pipeline as a key factor for the increased price target.
The optimism from Jefferies is based on Praxis's development of treatments for neurological conditions with substantial market needs. The company's lead product candidate, ulixa, is aimed at treating essential tremor, a condition affecting approximately 500,000 patients in the U.S. who are currently inadequately treated. Praxis is anticipated to release Phase 3 interim results for ulixa by mid-first quarter of 2025.
Additionally, Praxis is working on vormatrigine for the treatment of both focal and generalized epilepsy. The firm expects to see open-label Phase 2 data for this candidate within the first half of 2025.
The third asset in Praxis's pipeline that Jefferies noted is relutrigine, which is being developed for the treatment of developmental and epileptic encephalopathies (DEE), a group of rare epilepsy disorders. The company is expected to have registrational data for relutrigine in the first half of 2026.
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