Praxis Precision Medicines stock jumps over 235% today- Here’s why investors are paying attention

PRAX stock: Praxis Precision Medicines stock surged more than 235% on Thursday after the announcement of positive results from a Phase 3 clinical trial evaluating ulixacaltamide for essential tremor (ET), a movement disorder characterized by involuntary, rhythmic shaking of the hands, head, or voice, as per a report.

PRAX Stock Soars After Positive Phase 3 Trial Results

The company reported that the study met its primary endpoint, showing a significant and clinically meaningful improvement in the mADL11 score at Week 8, as per a Tipsrank report. Notably, the benefits were observed as early as Week 2 and persisted through Week 12, the end of the study period, as per the report. All key secondary endpoints were also achieved, and a second section of the trial met both its primary and a key secondary endpoint, as per the Tipsrank report.

The stock’s reaction was dramatic. PRAX jumped 156.32% in pre-market trading on Thursday, following a 9.2% gain the previous day, as per the report. Despite today’s surge, the stock remains down 25.48% year-to-date and 23.45% over the past 12 months, reported Tipsrank. Trading volume also spiked, with roughly 2.8 million shares changing hands, far above the three-month daily average of 449,000 shares, as per the report.

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Praxis Plans FDA New Drug Application Submission in Early 2026

With these encouraging results, Praxis plans to submit a New Drug Application (NDA) to the US Food and Drug Administration (FDA), having already requested a pre-NDA meeting, as reported by Tipsrank. The company aims to file the NDA by early 2026.

Wall Street Analysts Give PRAX Stock Strong Buy Rating

Wall Street analysts appear optimistic about the company’s outlook. Over the past three months, 10 analysts have rated PRAX a Buy and only one a Sell, giving the stock a consensus rating of Strong Buy, as per the Tipsrank report. The average price target stands at $105.90, suggesting potential upside of 84.66%, as reported by Tipsrank.

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FAQs

What is the expected price target for PRAX stock?

The average analyst price target is $105.90, which suggests potential upside of 84.66%, as per the Tipsrank report.

Will Praxis submit the drug for FDA approval?

Yes. The company plans to submit a New Drug Application to the FDA by early next year, as per the Tipsrank report.