TD Cowen analyst Ritu Baral maintained a Buy rating on Praxis Precision Medicines (PRAX – Research Report) today and set a price target of $61.00.
Ritu Baral’s rating is based on several strategic considerations surrounding Praxis Precision Medicines’ ongoing research and development efforts. Despite the challenges faced in the Phase 3 ET ulixa program, which was recommended to be stopped due to futility, Baral maintains a positive outlook on the company’s broader pipeline, particularly in epilepsy treatments.
Baral acknowledges the potential of Praxis’s epilepsy pipeline, which remains a significant factor in the Buy rating. The decision to lower the price target from $114 to $61 reflects the removal of the Phase 3 ET program from the valuation model, yet the Buy rating is sustained due to the promise of upcoming studies and potential FDA alignment on new trials. The company’s commitment to re-evaluating their statistical models and exploring alternative approaches also supports the confidence in their future prospects.
Baral covers the Healthcare sector, focusing on stocks such as Insmed, Alnylam Pharma, and Sarepta Therapeutics. According to TipRanks, Baral has an average return of 8.9% and a 45.20% success rate on recommended stocks.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $120.00 price target.