Praxis Precision Medicines, Inc. (PRAX) Gains Analyst Confidence With Ulixacaltamide

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) is one of the best stocks to buy and hold for the next 6 months. On February 10, Guggenheim raised its price target for Praxis Precision Medicines Inc. (NASDAQ:PRAX) to $800 from $760 while reiterating a Buy rating.

The research firm raised its price target, impressed by the significant market opportunity for ulixacaltamide, the company’s flagship treatment for essential tremor (ET). According to Guggenheim, Praxis Precision is well-positioned to capitalize on one of the largest and underpenetrated markets in neurology. The essential tremor market is valued at over $15 billion, and Praxis Precision is poised to achieve peak sales of $5- $10 billion with ulixacaltamide.

Earlier on January 28, Piper Sandler raised the stock’s price target to $1200 from $450 while maintaining an Overweight rating. The significant price target hike is in response to ulixacaltamide’s significant success in essential tremor. In addition, the research firm has touted progress in relutrigine and epileptic encephalopathies (DEEs). The research firm expects the company to achieve more than $20 billion in revenue with less than 5% peak market share.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into therapies for CNS disorders characterized by an imbalance between neuronal excitation and inhibition.

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