TD Cowen Lifts Praxis Precision Medicines Inc. (PRAX) Price Target amid NDA for Essential Tremor Treatment

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is one of the best biotech stocks to buy according to Wall Street analysts. On December 8, Praxis Precision Medicines Inc. (NASDAQ:PRAX) affirmed successful completion of a pre-New Drug Application meeting with the US Food and Drug Administration for Ulixacaltamide, its investigational oral drug for essential tremor (ET). The company hopes to submit a New Drug Application early next year.

The company also confirmed positive results from the EMBOLD study evaluating riluzole for patients with SCN2A- and SCN8A-related developmental and epileptic encephalopathies (DEEs). The positive results included a 53% placebo-adjusted reduction in seizures and no serious adverse events.

Meanwhile, analysts at TD Cowen have reiterated a Buy rating on the stock and increased the price target to $353 from $251. Praxis presented updated Phase 2 RADIANT trial data at AES 2025 showing its candidate vormatrigine achieved nearly 100% median seizure reduction in focal onset seizures and about 80% in generalized epilepsy, while interim EMBOLD results revealed relutrigine delivered a 53% placebo-adjusted reduction with continued benefits in the open-label extension; following these findings, TD Cowen raised its price target on Praxis to $353, reflecting confidence in the company’s epilepsy pipeline.

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is a clinical-stage biotech company developing targeted therapies for severe brain disorders like epilepsy, depression, and movement disorders.

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