Shares of biopharmaceutical company Praxis Precision (NASDAQ:PRAX) are tanking in the pre-market session today after it announced topline results from a study evaluating ulixacaltamide (PRAX-944) for the treatment of essential tremor (ET).
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The drug indicated ‘improvement in modified activities of daily living (mADL) primary efficacy endpoint relative to placebo that did not reach statistical significance.’ Next, the company plans to have discussions with the U.S. Food and Drug Administration (FDA) in an end-of-Phase 2 meeting.
Subsequently, it also plans to begin a Phase 3 trial of the drug in H2 2023. Importantly, the trial pointed to a meaningful improvement in daily functioning for patients and provided insights toward Phase 3 progression.
Overall, Wall Street has a consensus price target of $17 on PRAX, implying a massive 482% potential upside in the stock. That’s on top of a 13.6% price gain delivered by the stock so far this year.
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