Praxis’ tremor drug triumph sends stock soaring 200%+

Praxis Precision Medicines’ stock tripled after its tremor drug ulixacaltamide succeeded in two pivotal clinical trials, setting the stage for FDA approval by early 2026.

Why it matters: Ulixacaltamide could become only the second drug approved to treat essential tremor, a condition affecting up to 10 million Americans with limited treatment options.

Backstory: Once nearly written off after early failures, Praxis pressed on despite skepticism, even from independent experts. Investors had little confidence, and the stock had bottomed out in 2023.

Big picture: This is a major comeback story in biotech. It highlights both the risk and reward of perseverance in drug development and the unmet need in neurological disorders like essential tremor.

Zoom in: The first study had 473 patients and ulixacaltamide showed a 4.3-point improvement in daily functioning vs. placebo and the second study showed sustained response in over 50% of treated patients while meeting key secondary endpoints. Side effects were mostly mild or moderate; the most common included constipation, dizziness, and euphoria.

What’s next: Praxis will present full results at upcoming conferences and in scientific journals. But with what the market has seen so far, the future looks bright for the company. Analysts now give the drug a 70% approval probability and estimate $2.5B+ in potential sales.