On January 12, Wedbush analyst Laura Chico increased the price target for Praxis Precision Medicines, Inc. (NASDAQ:PRAX) to $95 from $83. The adjustment followed the company's recent public offering, which generated approximately $621 million in net proceeds according to a press release issued that day.
The new target, however, implies a 66% decline from Tuesday's closing price of $280.86. Wedbush kept an Underperform rating on the stock.
While Wedbush holds a bearish view, the broader Wall Street consensus for Praxis is a Strong Buy. The average one-year price target among analysts stands at $456.71 as of January 12, suggesting a potential 65.63% upside.
In a separate announcement on Monday, the biopharmaceutical firm outlined its corporate outlook for 2026. The company stated it has multiple data readouts scheduled over the next 12 to 24 months. Praxis also plans to submit two New Drug Applications to the U.S. Food and Drug Administration in February. The applications are for Ulixacaltamide in essential tremor and Relutrigine for SCN2A- and SCN8A-related developmental and epileptic encephalopathies.
Praxis Precision Medicines focuses on developing therapies for central nervous system disorders using genetic insights. The stock has delivered returns exceeding 420% over the past three months.