RBC Capital analyst Leonid Timashev initiated coverage of Praxis Precision with an Outperform rating and $449 price target. The firm believes think ulixacaltamide has a "reasonable likelihood" of achieving over $4.3B in sales. RBC's regulatory checks suggest the essential tremor treatment can make it to market, and there is a "large unmet need and strong desire to prescribe" among physicians, the analyst tells investors in a research note. The firm sees a good entry point with the shares down 25% from recent highs.
