H.C. Wainwright analyst Douglas Tsao keeps a Buy rating on Praxis Precision Medicines with a $16 price target after Essential1 failed to reach statistical significance in the primary endpoint. However, ulixacaltamide showed consistent improvement in patient’s daily functioning, which warrants advancing to Phase 3, the analyst tells investors in a research note. The firm thinks there was a "strong enough signal to feel good about the drug’s prospects moving forward," especially once the company makes adjustments based on Essential1’s teachings.
Published first on TheFly
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