Praxis Phase 2a results boosts credibility into readouts, says H.C. Wainwright

H.C. Wainwright tells investors in a research note that Praxis reported “impressive” results from the Phase 2a results for PRAX-628 to treat epilepsy patients with photo paroxysmal response, confirming the preliminary results that the company reported for the 15mg cohort in January. In the 15mg cohort, 20% of patients was partial responders, and 80% patients were complete responders, while in the 45mg cohort, all 3 patients were complete responders, the firm says. The readout of the PPR study gives the company a much-needed clera “win” and boosts company credibility into additional readouts this year, including ulixacaltimide’s Phase 3 in essential tremor and PRAX-562’s Phase 2 readout for developmental and epileptic encephalopathies, H.C. Wainwright says. The firm made no change to its Buy rating or $105 price target for Praxis shares.