Praxis Precision price target lowered to $120 from $170 at Guggenheim

Guggenheim lowered the firm’s price target on Praxis Precision (PRAX) to $120 from $170 and keeps a Buy rating on the shares after the company announced that the data monitoring committee recommended halting Essential 3 Study 1 for futility due to the results being unlikely to meet the primary efficacy endpoint under the parameters set by the statistical model, despite the option to increase the enrollment size. The firm has updated its model to remove ulixacaltamide in essential tremor and to reflect FY24 results, the analyst tells investors.