Analysts raise the stock’s price target to USD 30 citing upcoming clinical data and regulatory milestones.
Jefferies increased its price target for Praxis Precision Medicines (PRAX) to USD 30 from USD 20. The revision follows anticipated pipeline catalysts, including Phase 2 data for its lead epilepsy treatment and potential FDA interactions later this year.
Prior to the upgrade, Praxis shares traded at USD 12.50, reflecting investor caution amid mixed clinical results. Consensus estimates had clustered around USD 18, with only one other firm maintaining a buy rating. The new target implies 140% upside from current levels.
Shares of Praxis rose 8% in premarket trading following the note, outpacing the broader biotech sector.