India, June 4 -- Wedbush Cuts Praxis Price Target to $162 After POWER1 Miss
Wedbush analyst Laura Chico lowered her 12-month price target on Praxis Precision Medicines Inc. (PRAX) to $162 from $355, maintaining an Underperform rating.
The downgrade follows Praxis' announcement that its Phase 2/3 POWER1 study of Vormatrigine in focal onset seizures failed to meet the primary endpoint of mean percent change (MPC) in seizure frequency versus placebo. The trial incorporated two dosing regimens-20 mg once daily for six weeks and 30 mg once daily for six weeks. Praxis noted that seizure reduction during the second half of the study at the higher 30 mg dose was more pronounced, though not sufficient to meet the prespecified endpoint.
As a resul...