Truist Financial Initiates Coverage on Praxis Precision Medicines (NASDAQ: PRAX) with Buy Rating

Font: Financial Modeling Prep  • May 13, 2026

• Truist Financial initiated coverage on Praxis Precision Medicines (NASDAQ: PRAX) with a Buy rating and a $715.00 price target, implying an 112% upside.
• The clinical-stage biopharmaceutical company is advancing late-stage programs for central nervous system (CNS) disorders, with two New Drug Applications (NDAs) accepted by the U.S. Food and Drug Administration (FDA).
• Praxis Precision Medicines reported approximately $1.4 billion in cash and investments, expected to fund operations into 2028.

On May 13, 2026, Truist Financial initiated coverage on Praxis Precision Medicines (NASDAQ: PRAX) with a Buy rating. The firm set a price target of $715.00. At the time, Praxis Precision Medicines was trading at $337.49, which implies a potential upside of 112% from that price level.

Praxis Precision Medicines is a clinical-stage biopharmaceutical company. It focuses on developing treatments for central nervous system (CNS) disorders. The company is currently advancing several late-stage programs as it prepares to transition into a commercial-stage company that markets its own approved drugs.

This analyst rating follows significant progress in the company's drug pipeline. The U.S. Food and Drug Administration (FDA) has accepted two of its New Drug Applications (NDAs). An NDA is a formal request submitted to the FDA to approve a new drug for sale.

The first application is for ulixacaltamide to treat Essential Tremor, with a PDUFA target action date of January 29, 2027. The second, for relutrigine, was granted priority review for treating rare epilepsies and has a PDUFA date of September 27, 2026. A PDUFA date is the deadline for the FDA to review a new drug.

As highlighted by GlobeNewswire, Praxis Precision Medicines's pipeline shows further promise. The EMBRAVE Part A study of elsunersen resulted in a 77% placebo-adjusted reduction in monthly seizures. Praxis Precision Medicines also expects key results from its POWER1 and EMERALD studies later in 2026.

Financially, Praxis Precision Medicines reported approximately $1.4 billion in cash and investments as of March 31, 2026. This cash position is expected to fund its operations into 2028, providing a stable financial base for its planned product launches and clinical trials.