Wells Fargo Cautious on Praxis Precision (PRAX) After Recent Revenue Estimates

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is one of the 13 hot stocks to buy with the highest upside potential. On February 2, Wells Fargo gave a more tempered assessment on the stock, initiating coverage of the company with an Equal Weight rating and a $282 price target. Wells Fargo noted that while public sentiment about ulixacaltamide, an investigational-stage treatment for essential tremor, is bullish, it sees a 50% probability of success for the drug.

Meanwhile, Praxis Precision Medicines Inc. (NASDAQ:PRAX) noted in a January 2026 presentation to investors that it expects up to $20 billion in potential peak revenue over the next 24 months across the four drugs that it anticipates launching over the period. This estimate includes about $10 billion in anticipated revenues for ulixacaltamide, as well as $5 billion for relutrigine, $4 billion for epilepsy treatment vormatrigine, and around $1 billion for elsunersen.

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is a clinical-stage biopharmaceutical company engaging in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance.

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