In a report released today, Justin Walsh from JonesTrading reiterated a Buy rating on Praxis Precision Medicines, with a price target of $441.00.
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Justin Walsh has given his Buy rating due to a combination of factors, primarily driven by the positive results from the Phase III Essential3 program for ulixacaltamide in treating essential tremor. Despite initial setbacks earlier in the year, the management’s strategic adjustments to the trial’s primary endpoint and their continued confidence in ulixacaltamide’s potential have led to a significant turnaround in the drug’s prospects. The recent favorable outcomes have bolstered the belief in its eventual approval, with a high probability of success.
Furthermore, Praxis Precision Medicines is proactively preparing for a submission to the FDA, with a substantial portion of the necessary documentation already completed. The limited treatment options currently available for essential tremor patients suggest a strong market potential for ulixacaltamide, with expectations of achieving blockbuster status by 2028. The conservative estimates of peak sales, combined with the possibility of premium pricing, present a compelling financial opportunity, justifying the increased price target and Buy rating.
In another report released today, Guggenheim also maintained a Buy rating on the stock with a $350.00 price target.