Baird starts Praxis Precision at Outperform on ulixacaltamide’s potential

As previously reported, Baird initiated coverage of Praxis Precision Medicines (PRAX) with an Outperform rating and $117 price target. The firm views Praxis’ ulixacaltamide as “a promising agent” for the treatment of essential tremor and sees a positive risk/reward heading into topline phase 3 results due in the second half of 2024. In the nearer-term, the firm believes phase 2b results due in the late part of the first half of the year for competitor suvecaltamide from Jazz (JAZZ) could have “meaningful readthrough” to Praxis, with the potential for about 30% upside or 15% downside, the analyst added.