H.C. Wainwright has raised its price target on Praxis Precision Medicines Inc. to $1,245.00 from $340.00 and maintained a Buy rating on the shares. The new target implies a substantial upside versus the current market price of $314.28, even as market data indicates the stock is trading above its fair value.
The research firm's upgrade hinges on materially higher peak sales forecasts for Praxis' two lead drug candidates, ulixacaltamide and relutrigine. In particular, relutrigine is now modeled to reach peak sales of $6.8 billion. H.C. Wainwright described relutrigine as likely to serve as a "workhorse" therapy for patients with a range of developmental epileptic encephalopathies (DEEs), extending beyond the initially targeted SCN2A and SCN8A variants.
H.C. Wainwright also emphasized near-term clinical and regulatory milestones it sees as underappreciated by some investors. The firm pointed to the planned EMERALD study readout for relutrigine, expected before the end of 2026, and a potential New Drug Application (NDA) filing in early 2027 as notable catalysts that could influence the company’s valuation.
Praxis has posted striking top-line momentum, with revenue expanding 364.98% over the last twelve months. That growth accompanies strong share performance in 2025, with shares up 283% year-to-date versus the XBI biotech ETF’s 35% advance. Over the last year the stock has returned 312.44% and is trading close to its 52-week high of $326.91. The shares exhibit a high beta of 2.88, underscoring elevated volatility and corresponding risk-return dynamics for investors.
Management is advancing multiple regulatory and commercial preparations. Praxis has said it intends to submit two NDAs to the U.S. Food and Drug Administration by mid-February 2026: one for ulixacaltamide in essential tremor and one for relutrigine in SCN2A/8A developmental and epileptic encephalopathies. Both candidate therapies have received Breakthrough Therapy Designation from the FDA.
Market analysts beyond H.C. Wainwright have also adjusted views on Praxis. Piper Sandler raised its price target from $450 to $1,200 while maintaining an Overweight rating, signaling confidence in the company's potential. The same firm was also reported to have reiterated an Overweight rating with a $450 price target in another note.
Praxis has been active on the leadership and governance front as it prepares for late-stage development and potential commercial launches. The company appointed Dr. Orrin Devinsky as Head of Clinical Strategy. It also added Jeffrey B. Kindler and Stuart Arbuckle to its board of directors, and elevated Megan Sniecinski to Chief Operating Officer and Dr. Steven Petrou to President of Research & Development. Company statements describe these moves as part of preparations for commercial launch planning and for supporting late-stage program activities.
H.C. Wainwright’s dramatically higher target reflects optimism about commercial potential and clinical progress, but the stock’s valuation metrics and high volatility suggest investors should weigh both upside and downside scenarios tied to trial readouts, regulatory timing, and commercial execution.
Context and near-term timeline
- Planned NDA submissions by mid-February 2026 for ulixacaltamide (essential tremor) and relutrigine (SCN2A/8A DEEs).
- EMERALD study readout for relutrigine expected before year-end 2026, with a potential NDA filing in early 2027 as a follow-up catalyst.
Market performance and metrics
- Current share price cited at $314.28 and trading near a 52-week high of $326.91.
- Reported revenue growth of 364.98% in the last twelve months.
- Share gains of 283% during 2025 versus a 35% rise in the XBI biotech ETF; 312.44% return over the past year; beta of 2.88 indicating pronounced volatility.