Oppenheimer Lifts Price Target for Praxis Medicines (PRAX), Keeps Outperform Rating

Core Insights - Praxis Precision Medicines, Inc. (NASDAQ:PRAX) has been identified as one of the 12 best-performing stocks over the last three months, with Oppenheimer raising its price target from $115 to $250 while maintaining an Outperform rating [1][2]. Group 1: Clinical Development - The positive topline results from the Essential3 trial of ulixacaltamide for essential tremor (ET) have contributed to the stock's performance, as there is currently no approved treatment for this condition [2]. - The drug met all endpoints in Study 1 and its pre-specified primary endpoint in Study 2, demonstrating general safety and tolerability without serious drug-related side effects [3]. Group 2: Future Prospects - Oppenheimer anticipates that Praxis Precision Medicines, Inc. will submit a New Drug Application in early 2026, with a potential commercial launch of ulixacaltamide in 2027 following FDA approval [3]. - The company is focused on developing therapies for central nervous system disorders, indicating a strategic emphasis on addressing unmet medical needs in this area [4].