Praxis Precision Medicines price target raised to $29 from $16 at Wedbush

Wedbush analyst Laura Chico raised the firm’s price target on Praxis Precision Medicines to $29 from $16 and keeps a Neutral rating on the shares. The company’s secondary offering removes the cash runway overhang on the shares, the analyst tells investors in a research note. The offering provides Praxis some additional flexibility around the Essential3 study should enrollment and execution take additional time, the analyst tells investors in a research note. However, the firm continues to hold a cautious view on the potential for success in the Phase 3 Essential3 program.