BTIG Reaffirms Buy Rating for Praxis Precision Medicines (PRAX)

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is one of the 10 best AI driven biotech stocks to invest in.

On June 2, BTIG reduced the price target on Praxis Precision Medicines Inc. (NASDAQ:PRAX) from $843 to $810. The firm maintained a Buy rating on the stock, informing investors that although the company’s Phase 2/3 POWER1 trial of vormatrigine resulted in a revenue loss, there is still hope for a recovery for the program.

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Approximately 90% of patients in the vormatrigine-arm moved into the open-label extension and stayed there; the 50% rate of response secondary indicator met the criteria, seizure diminution was more noticeable in the remainder of the study on the increased 30 mg dose, and detrimental event-related withdrawals had been less than 10%.

Back on May 13, Truist Financial increased the price target from $700 to $715 while assuming a Buy rating for Praxis Precision Medicines Inc. (NASDAQ:PRAX). Truist highlighted that over the next six to eight months, the company is well-positioned for many value-inflecting events.

This positive outlook is supported by the strong late-stage pipeline of de-risked assets. The firm also pointed out that Praxis’s late-stage portfolio may grow into a franchise worth billions of dollars.

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is involved in developing therapies to cure disorders related to the central nervous system, which are characterized by neuronal excitation-inhibition imbalance. These disorders include epilepsy, movement disorders, and depression. The company utilizes its proprietary platforms like Cerebrum and Solidus to target such imbalances.

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