Praxis Precision Medicines extends rally after $525 mln stock sale

Praxis Precision Medicines

17/10/2025 12:46

** Shares of Praxis Precision Medicines PRAX.O up 3.5% premarket to $168.43 after $525 mln follow-on offering pricing

    *
    * PRAX shares on Thurs surged ~184% to close at $162.71, an over three-year high, after co said its experimental movement disorder drug ulixacaltamide met main goals of two late-stage studies for essential tremor, a condition that causes involuntary shaking

      ** Boston, Massachusetts-based firm late Thurs sold ~3.34 mln shares, including 318,470

      pre-funded warrants, at $157

      ** It intends to use net offering proceeds to continue R&D activities for clinical-stage drug candidates, and preparation activities for potential commercialization of late stage assets, per the prospectus

      ** Praxis has about 22.4 mln shares outstanding, per LSEG data

      ** TD Cowen, Piper Sandler, Guggenheim and Truist are joint bookrunners for the offering

      ** Of 14 analysts covering PRAX, recommendation breakdown is 13 "strong buy" or "buy" and 1 "strong sell"; median PT of $260.50 up from $80 a month ago - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))