Truist analyst Joon Lee lowered the firm’s price target on Praxis Precision (PRAX) to $85 from $175 and keeps a Buy rating on the shares. Praxis Precision disclosed on Friday that the Independent Data Monitoring Committee recommended the company stop its Phase 3 Essential3 Study 1 for futility, though company plans to take both Study 1 and 2, given their advanced stages, to completion with topline expected in the third quarter of 2025, the analyst tells investors in a research note. The firm removed ET from its model, and says it believes Study 2, which is a randomized-withdrawal study, has a higher probability of success than the parallel comparator Study 1.
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