Oppenheimer Lifts Price Target for Praxis Medicines (PRAX), Keeps Outperform Rating

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) is one of the 12 Best Performing Stocks in the Last 3 Months. On October 16, Oppenheimer raised its price target on Praxis Precision Medicines, Inc. (NASDAQ:PRAX) from $115 to $250 and kept an Outperform rating.

This decision came after positive topline results from Praxis Precision Medicines, Inc.’s (NASDAQ:PRAX) 3 Essential3 trial of ulixacaltamide for essential tremor (ET), a nervous system condition that causes involuntary shaking, mostly in the hands and arms. There is currently no approved treatment for this condition.

The drug met all endpoints in Study 1 and its pre-specified primary endpoint in Study 2. Ulixacaltamide was generally safe and well-tolerated, showing no serious drug-related side effects.

Oppenheimer expects Praxis Precision Medicines, Inc. (NASDAQ:PRAX) to submit a New Drug Application in early 2026, which could potentially see the drug being launched commercially in 2027 after approval by the FDA.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders.

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Disclosure: None. This article is originally published at Insider Monkey.