Wedbush analyst Laura Chico downgraded Praxis Precision (PRAX) to Underperform from Neutral with a price target of $26, down from $57, after the data monitoring committee overseeing one of the Essential3 studies recommended the study be halted for futility as the trial is unlikely to be successful. Praxis will complete the studies and explore alternative analyses, but the firm is removing ulixacaltamide from its model as it sees low potential for success. Praxis holds other epilepsy development programs and has a cash runway into 2028, but “the ET setback does not increase our confidence these will be successful,” the analyst tells investors.
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