Praxis Precision Medicines slips after announcing equity offering plans

Praxis Precision Medicines

06/01/2026 21:37

** Praxis Precision Medicines PRAX.O shares down 4% in extended trading to $262.01 as it looks to raise equity

    ** Biopharma co announces proposed offering of stock and pre-funded warrants; deal size not disclosed

    ** Co intends to use net proceeds for potential commercialization of late-stage product candidates, to continue R&D activities of clinical-stage product candidates, among other uses, per the offering prospectus

** Piper Sandler, TD Cowen, Guggenheim and Truist joint bookrunners

** Boston, Massachusetts-based firm has ~25.2 mln shares outstanding as of Dec 31 for roughly $7 bln market cap

** On Dec 29, PRAX rose 13% to close at $304.58 after U.S. FDA granted "breakthrough" tag for co's experimental drug, ulixacaltamide, to treat patients with essential tremor

** Stock, which nearly tripled in 2025, ended down 1.5% at $272.90 on Tues

** 14 of 15 analysts rate PRAX "strong buy" or "buy", while 1 has "strong sell"; median PT $450, per LSEG data

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

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