Praxis Precision (PRAX) Triples on Stellar Drug Trial Results

We recently published Market Downturn? Not for these 10 Stocks; 7 Jump to Record Highs. Praxis Precision Medicines, Inc. (NASDAQ:PRAX) is one of the best performers on Thursday.

Praxis Precision soared to a new all-time high on Thursday, more than tripling its share price during the intraday session, as investors celebrated the stellar results of its drug candidate for a nervous condition that causes involuntary shaking.

During the session, Praxis Precision Medicines, Inc. (NASDAQ:PRAX) soared to its highest price of $205.89, marking a jump of 259 percent, before trimming gains to end the day just up by 183.71 percent to $162.71 apiece.

In an updated report, Praxis Precision Medicines, Inc. (NASDAQ:PRAX) said the first stage of the phase 3 study for the Ulixacaltamide drug saw the treatment improve the daily functioning of the 473 enrollees by 4.3 points as compared with placebo.

In the second trial, some 238 patients showed superior maintenance of effect on Ulixacaltamide as compared with those who switched to placebo.

Following the results, Praxis Precision Medicines, Inc. (NASDAQ:PRAX) said it would submit its New Drug Application (NDA) with the Food and Drug Administration by early 2026, with a pre-NDA meeting already requested.

“Patients in [the phase 3 study] had been living with essential tremor for an average of 30 years, with worsening symptoms and no effective treatment options. In just 15 months of recruitment, we had over 200,000 people interested in participating in this study, which is a powerful reflection of the large unmet need for a therapy like Ulixacaltamide. We look forward to the opportunity to have a pre-NDA meeting with the FDA soon to discuss the potential NDA,” said Praxis Precision Medicines, Inc. (NASDAQ:PRAX) President and CEO Marcio Souza.

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