Oppenheimer Reiterates Outperform Rating on Praxis Precision Medicines Inc. (PRAX)

Oppenheimer analyst Francois Brisebois reiterated an Outperform rating and $143.00 price target on Praxis Precision Medicines Inc. (NASDAQ: PRAX).

The analyst commented, "Earlier this morning, Lundbeck announced the proposed acquisition of Longboard Pharmaceuticals for ~$2.6B in equity value. LBPH's lead asset Bexicaserin is for DS, LGS, and other DEE syndromes (completed P1b/2a; only n=52). We see the acquisition as a positive for Praxis as it highlights growing interest in the DEE space. While PRAX seems early in its development (compelling data in a small P2 proof-of-concept trial [9/3/24]), Lundbeck's move certainly brings attention to early developments in DEE. With a potentially best-in-class asset not currently part of our valuation, we are reiterating our Outperform and $143 price target on PRAX."

For an analyst ratings summary and ratings history on Praxis Precision Medicines Inc. click here. For more ratings news on Praxis Precision Medicines Inc. click here.

Shares of Praxis Precision Medicines Inc. closed at $65.00 yesterday.

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