Praxis Precision Medicines (PRAX) stock rocketed higher on Thursday after the clinical-stage biopharmaceutical company announced results from a Phase 3 study. This study evaluated the use of ulixacaltamide as a treatment for essential tremor (ET), a common movement disorder that causes involuntary, rhythmic shaking, or trembling of the hands, head, or voice.
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Praxis Precision Medicines noted that the Phase 3 clinical trial met its primary endpoint of significant and clinically meaningful mean improvement in the mADL11 score at Week 8. The positive effect started in Week 2 and lasted through Week 12, the end of the study period. To go along with that, the study met all of its key secondary endpoints. A second section of the trial also met its primary endpoint and a key secondary endpoint.
The positive results of this clinical trial will have Praxis Precision Medicines submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA). The company has requested a pre-NDA meeting with the FDA and intends to submit its NDA to the regulator by early 2026.
Praxis Precision Medicines Stock Movement Today
Praxis stock was up 156.32% in pre-market trading on Thursday, following a 9.2% boost yesterday. Even so, the stock was down 25.48% year-to-date and 23.45% over the past 12 months. With today’s news came heavy trading, as some 2.8 million shares changed hands, compared to a three-month daily average of about 449,000 units.
Is Praxis Precision Medicines Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Praxis Precision Medicines is Strong Buy, based on 10 Buy and a single Sell rating over the past three months. With that comes an average PRAX stock price target of $105.90, representing a potential 84.66% upside for the shares.
