10 Best Biotech Stocks to Invest In According to Billionaire Steve Cohen

8. Praxis Precision Medicines, Inc. (NASDAQ:PRAX)

Point72 Asset Management: $145,114,060

On May 8, TheFly reported that a Wedbush analyst bumped up Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s price target from $130 to $166. It maintained an “Underperform” rating and flagged concerns about the ulixacaltamide filing and valuation.

On May 7, Praxis Precision Medicines, Inc. (NASDAQ:PRAX) stated that the FDA has accepted NDAs for ulixacaltamide and relutrigine, with PDUFA dates of January 29, 2027, and September 27, 2026. CEO Marcio Souza said that the company is “positioning us for two U.S. launches within the next eight months,” given EMBRAVE research showing a 77% reduction in placebo-adjusted seizure rates.

The company ended the quarter with cash and investments of about $1.4 billion as of March 31, 2026, extending its runway into 2028. It posted a net loss of $92.6 million for the quarter. The firm’s research and development spending went to $78.0 million, while general and administrative costs reached $27.9 million.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) also stated that it expects extra clinical readouts in 2026. This includes the POWER1 and EMERALD trials.

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) is a clinical-stage biopharmaceutical company. It works on two proprietary platforms, i.e., Cerebrum and Solidus.