Praxis Precision Medicines Soars 184% on Breakthrough Essential Tremor Drug Trial Results

Praxis Precision Medicines (PRAX) shares surged 184% to $162.71, marking a three-year high after announcing groundbreaking Phase 3 trial results for its essential tremor drug, ulixacaltamide. The study met its primary endpoint, with patients showing a 4.3-point improvement in daily activity scores—outperforming the placebo group, which declined. Long-term data revealed 55% of treated patients sustained improvement, compared to 33% on placebo, positioning the drug as a potential first-in-class therapy for tremor in decades.

Concurrently, Praxis disclosed plans to raise capital through a public offering of common stock and prefunded warrants, granting underwriters a 30-day option to purchase up to 15% additional shares. The offering remains contingent on market conditions, with no guaranteed completion timeline. The rally represents a dramatic turnaround for the biotech firm, igniting investor enthusiasm as one of the sector’s top performers.