TD Cowen Lifts Praxis Precision Medicines Inc. (PRAX) Price Target amid NDA for Essential Tremor Treatment

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is one of the best biotech stocks to buy according to Wall Street analysts. On December 8, Praxis Precision Medicines Inc. (NASDAQ:PRAX) affirmed successful completion of a pre-New Drug Application meeting with the US Food and Drug Administration for Ulixacaltamide, its investigational oral drug for essential tremor (ET). The company hopes to submit a New Drug Application early next year.

TD Cowen Lifts Praxis Precision Medicines Inc. (PRAX) Price Target amid NDA for Essential Tremor Treatment

The company also confirmed positive results from the EMBOLD study evaluating riluzole for patients with SCN2A- and SCN8A-related developmental and epileptic encephalopathies (DEEs). The positive results included a 53% placebo-adjusted reduction in seizures and no serious adverse events.

Meanwhile, analysts at TD Cowen have reiterated a Buy rating on the stock and increased the price target to $353 from $251. Praxis presented updated Phase 2 RADIANT trial data at AES 2025 showing its candidate vormatrigine achieved nearly 100% median seizure reduction in focal onset seizures and about 80% in generalized epilepsy, while interim EMBOLD results revealed relutrigine delivered a 53% placebo-adjusted reduction with continued benefits in the open-label extension; following these findings, TD Cowen raised its price target on Praxis to $353, reflecting confidence in the company’s epilepsy pipeline.

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is a clinical-stage biotech company developing targeted therapies for severe brain disorders like epilepsy, depression, and movement disorders.

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