Truist Initiates Praxis Coverage with $715 Target, 112% Upside and FDA NDA Acceptances
Truist initiated coverage on Praxis Precision Medicines with a Buy rating and $715 price target, implying 112% upside. The company holds $1.4 billion cash, has two FDA‐accepted NDAs with PDUFA dates in September 2026 and January 2027 and reported a 77% seizure reduction in EMBRAVE Part A.
1. Analyst Coverage Initiation
Truist Financial initiated coverage on Praxis Precision Medicines with a Buy rating and set a $715 price target, representing a 112% upside from its recent share level as the company advances toward commercialization.
2. FDA NDA Acceptances and PDUFA Dates
The FDA has accepted two New Drug Applications: ulixacaltamide for Essential Tremor with a PDUFA action date of January 29, 2027, and relutrigine for rare epilepsies granted priority review with a PDUFA deadline of September 27, 2026.
3. Clinical Data Highlights
In the EMBRAVE Part A study, Praxis reported a 77% placebo-adjusted reduction in monthly seizures for its investigational therapy, and it expects topline results from its POWER1 and EMERALD trials later in 2026.
4. Financial Position and Runway
As of March 31, 2026, Praxis held approximately $1.4 billion in cash and investments, providing a financial runway into 2028 to support planned late-stage CNS development and potential commercial launches.