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Guggenheim Raises Target on Praxis Precision Medicines (PRAX) to $800

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is one of the 13 High-Risk High-Reward Growth Stocks to Invest In.

Guggenheim, on February 10, raised its target price on Praxis Precision (PRAX) by 5.3% to $800 (from $760) and reiterated its Buy recommendation on the stock. The update comes as the firm reassessed its estimates, through consultations with key opinion leaders, on the potential impact of Ulixacaltamide, an orally administered drug for essential tremors (ET). It now thinks that the drug can take $5 billion to $10 billion in peak sales from the $15+ billion essential tremors market. The firm added that Praxis Precision remains one of its top picks for 2026.

Ulixacaltamaide was granted “Breakthrough Therapy Designation” by the US Food and Drug Administration (FDA) last December 2025, following a successful Essential3 program. Marcio Souza, president and chief executive officer of Praxis, had this to say about the grant:

“The granting of the Breakthrough Therapy Designation for ulixacaltamide, based on the Essential3 program, further underscores its potential to address the substantial unmet need in patients with ET.”

This grant will enable the FDA to prioritize the review of this drug, thereby expediting its go-to-market timeline. Praxis now plans to submit a “New Drug Application (NDA)” by February 2026, as mentioned by Marcio Souza in a statement:

“We recently completed a series of positive interactions with the FDA, that, together with this BTD, are enabling us to advance this promising treatment faster to patients. We are diligently preparing for the filing of the ulixacaltamide NDA, which we expect in early 2026.”

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is a clinical-stage biopharma company that focuses on developing therapies targeting central nervous system disorders and genetic epilepsies. The company is based in Boston, Massachusetts, and was founded in September 2015 by Kiran Reddy, David Goldstein, and Steven Petrou.

While we acknowledge the risk and potential of PRAX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PRAX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 12 Best Cheap Stocks to Buy Right Now and Cathie Wood’s Stock Portfolio: Top 10 Stocks to Buy.

Disclosure: None. This article is originally published at Insider Monkey.

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