Wells Fargo Cautious on Praxis Precision (PRAX) After Recent Revenue Estimates

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is one of the 13 hot stocks to buy with the highest upside potential. On February 2, Wells Fargo gave a more tempered assessment on the stock, initiating coverage of the company with an Equal Weight rating and a $282 price target. Wells Fargo noted that while public sentiment about ulixacaltamide, an investigational-stage treatment for essential tremor, is bullish, it sees a 50% probability of success for the drug.

Meanwhile, Praxis Precision Medicines Inc. (NASDAQ:PRAX) noted in a January 2026 presentation to investors that it expects up to $20 billion in potential peak revenue over the next 24 months across the four drugs that it anticipates launching over the period. This estimate includes about $10 billion in anticipated revenues for ulixacaltamide, as well as $5 billion for relutrigine, $4 billion for epilepsy treatment vormatrigine, and around $1 billion for elsunersen.

Wells Fargo Cautious on Praxis Precision (PRAX) After Recent Revenue Estimates

Praxis Precision Medicines Inc. (NASDAQ:PRAX) is a clinical-stage biopharmaceutical company engaging in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance.

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.