Praxis Precision Medicines (PRAX) Gaining Confidence on EMBOLD Study Optimism

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) is among the hidden multibagger stocks to invest in. It reported positive results from the registrational cohort of the EMBOLD study on December 4. This study is designed to examine relutrigine in patients diagnosed with SCN8A and SCN2A developmental and epileptic encephalopathies (DEEs). The trial was stopped earlier on the recommendation of the Data Monitoring Committee for efficacy.

President and Chief Executive Officer of PRAX, Marcio Souza, highlighted the importance of the positive outcome of the study by saying:

“SCN2A and SCN8A DEEs are devastating conditions with extremely high mortality due to the debilitating seizure burden they impose on patients, and there are currently no approved treatment options. Our progress represents an important milestone towards delivering the first therapy ever designed for these children and their families. We look forward to sharing the results at the American Epilepsy Society Annual Meeting.”

A meeting with the FDA has been scheduled to discuss next steps in the coming weeks. During the meeting, the data will also be reviewed.

On December 3, PRAX received a Buy rating from BTIG analyst Thomas Shrader. He assigned a target price of $424 to the stock.

Praxis Precision Medicines, Inc. develops therapies for central nervous system disorders. It operates as a clinical-stage biopharmaceutical company and has a license agreement with RogCon. The company also has a license agreement and research collaboration with Ionis Pharmaceuticals.

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.

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