Praxis Precision Medicines (PRAX)


Market Price (7/28/2026): $315.77 | Market Cap: $9.1 BilSector: Health Care | Industry: Biotechnology

Praxis Precision Medicines (PRAX)


Market Price (7/28/2026): $315.77
Market Cap: $9.1 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -357 Mil

Stock price has recently run up significantly
12M Rtn12 month market price return is 433%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9%

High stock price volatility
Vol 12M is 199%

Key risks
PRAX key risks include [1] precarious financial sustainability due to a high cash burn rate that may require dilutive capital raises, Show more.

0 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
1 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
2 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -357 Mil
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 433%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9%
7 High stock price volatility
Vol 12M is 199%
8 Key risks
PRAX key risks include [1] precarious financial sustainability due to a high cash burn rate that may require dilutive capital raises, Show more.

PRAX in ETFs

Weight = PRAX's share of each fund

VTI0.01%
ITOT0.01%
IWM0.25%
VB0.11%
XBI1.3%
IBB0.66%
IWO0.51%
VTWO0.26%
+9 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Praxis Precision Medicines (PRAX) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

1. Mixed Clinical and Regulatory Outcomes Created Counterbalancing Pressures. The stock experienced significant but offsetting news from its clinical pipeline. Praxis received Breakthrough Therapy Designation from the FDA for elsunersen (PRAX-222) in June 2026, based on positive Phase 1/2 EMBRAVE Part A trial data demonstrating a 77% placebo-adjusted reduction in monthly seizures in pediatric patients, leading to a notable 16.1% stock increase. Conversely, the FDA extended the review period for relutrigine's New Drug Application (NDA) for SCN2A and SCN8A developmental and epileptic encephalopathies by three months to December 27, 2026, from the original September 27, 2026, target. This extension, due to the submission of additional sensitivity analyses, caused Praxis shares to slide approximately 7%. Additionally, the POWER1 Phase 3 study for vormatrigine reportedly missed its primary endpoint in June, further adding negative pressure.

2. Strong Financial Position and Q1 2026 Earnings Beat Provided Stability. Praxis's solid financial foundation, highlighted by $1.4 billion in cash, cash equivalents, and marketable securities as of March 31, 2026, instilled investor confidence. This capital is projected to fund operations into 2028. The company also reported stronger-than-expected financial results for fiscal Q1 2026, with an earnings per share (EPS) of -$3.20, which exceeded analysts' consensus estimates of -$3.66 by 12.57%. This positive earnings surprise contributed to an initial stock surge of between 4.56% and 8.08%.

Show more
Updated on 7/1/2026

Praxis Precision Medicines (PRAX) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

1. Mixed Clinical and Regulatory Outcomes Created Counterbalancing Pressures. The stock experienced significant but offsetting news from its clinical pipeline. Praxis received Breakthrough Therapy Designation from the FDA for elsunersen (PRAX-222) in June 2026, based on positive Phase 1/2 EMBRAVE Part A trial data demonstrating a 77% placebo-adjusted reduction in monthly seizures in pediatric patients, leading to a notable 16.1% stock increase. Conversely, the FDA extended the review period for relutrigine's New Drug Application (NDA) for SCN2A and SCN8A developmental and epileptic encephalopathies by three months to December 27, 2026, from the original September 27, 2026, target. This extension, due to the submission of additional sensitivity analyses, caused Praxis shares to slide approximately 7%. Additionally, the POWER1 Phase 3 study for vormatrigine reportedly missed its primary endpoint in June, further adding negative pressure.

2. Strong Financial Position and Q1 2026 Earnings Beat Provided Stability. Praxis's solid financial foundation, highlighted by $1.4 billion in cash, cash equivalents, and marketable securities as of March 31, 2026, instilled investor confidence. This capital is projected to fund operations into 2028. The company also reported stronger-than-expected financial results for fiscal Q1 2026, with an earnings per share (EPS) of -$3.20, which exceeded analysts' consensus estimates of -$3.66 by 12.57%. This positive earnings surprise contributed to an initial stock surge of between 4.56% and 8.08%.

3. Overall Improving Biotech Sector Sentiment. The broader biotechnology market in fiscal Q2 2026 showed signs of improvement, characterized by a sharp reduction in biopharma layoffs and increasing merger and acquisition (M&A) activity. Financing conditions also continued to improve, putting biotechs in a better position to avoid workforce reductions. While the sector saw a high concentration of clinical and regulatory events, contributing to a "catalyst-heavy" quarter, this generally positive macroeconomic backdrop for life sciences investment helped to mitigate company-specific setbacks for Praxis.

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Stock Movement Drivers

Fundamental Drivers

The -2.0% change in PRAX stock from 3/31/2026 to 7/27/2026 was primarily driven by a -11.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)33120267272026Change
Stock Price ($)322.19315.80-2.0%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)2629-11.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/27/2026
ReturnCorrelation
PRAX-2.0% 
Market (SPY)13.6%18.2%
Sector (XLV)11.5%13.6%

Fundamental Drivers

The 7.1% change in PRAX stock from 12/31/2025 to 7/27/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
(LTM values as of)123120257272026Change
Stock Price ($)294.74315.807.1%
Change Contribution By: 
Total Revenues ($ Mil)70 
P/S Multiple868.09.2233720368547763E17%
Shares Outstanding (Mil)2229-23.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/27/2026
ReturnCorrelation
PRAX7.1% 
Market (SPY)8.7%22.8%
Sector (XLV)6.0%16.3%

Fundamental Drivers

The 651.0% change in PRAX stock from 6/30/2025 to 7/27/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
(LTM values as of)63020257272026Change
Stock Price ($)42.05315.80651.0%
Change Contribution By: 
Total Revenues ($ Mil)80 
P/S Multiple109.09.2233720368547763E17%
Shares Outstanding (Mil)2129-27.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/27/2026
ReturnCorrelation
PRAX651.0% 
Market (SPY)20.6%3.2%
Sector (XLV)22.8%3.4%

Fundamental Drivers

The 1730.7% change in PRAX stock from 6/30/2023 to 7/27/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
(LTM values as of)63020237272026Change
Stock Price ($)17.25315.801730.7%
Change Contribution By: 
Total Revenues ($ Mil)10 
P/S Multiple89.49.2233720368547763E17%
Shares Outstanding (Mil)429-87.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/27/2026
ReturnCorrelation
PRAX1730.7% 
Market (SPY)72.6%10.0%
Sector (XLV)28.9%7.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PRAX Return-64%-88%-38%245%283%10%-61%
Peers Return18%-7%38%-6%-6%37%82%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
PRAX Win Rate25%33%58%58%50%43% 
Peers Win Rate52%48%43%52%57%54% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
PRAX Max Drawdown-78%-92%-84%-41%-69%-33% 
Peers Max Drawdown-36%-46%-35%-32%-48%-21% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NBIX, JAZZ, XENE, DNLI, BHVN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/27/2026 (YTD)

How Low Can It Go

EventPRAXS&P 500
2025 US Tariff Shock
  % Loss-64.9%-18.8%
  % Gain to Breakeven184.8%23.1%
  Time to Breakeven189 days79 days
2023 SVB Regional Banking Crisis
  % Loss-78.2%-6.7%
  % Gain to Breakeven359.2%7.1%
  Time to Breakeven342 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-92.3%-24.5%
  % Gain to Breakeven1200.6%32.4%
  Time to Breakeven1162 days427 days

Compare to NBIX, JAZZ, XENE, DNLI, BHVN

In The Past

Praxis Precision Medicines's stock fell -64.9% during the 2025 US Tariff Shock. Such a loss loss requires a 184.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPRAXS&P 500
2025 US Tariff Shock
  % Loss-64.9%-18.8%
  % Gain to Breakeven184.8%23.1%
  Time to Breakeven189 days79 days
2023 SVB Regional Banking Crisis
  % Loss-78.2%-6.7%
  % Gain to Breakeven359.2%7.1%
  Time to Breakeven342 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-92.3%-24.5%
  % Gain to Breakeven1200.6%32.4%
  Time to Breakeven1162 days427 days

Compare to NBIX, JAZZ, XENE, DNLI, BHVN

In The Past

Praxis Precision Medicines's stock fell -64.9% during the 2025 US Tariff Shock. Such a loss loss requires a 184.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Praxis Precision Medicines (PRAX)

Praxis Precision Medicines Inc. (PRAX) is a clinical-stage biopharmaceutical company focused on developing novel therapies for central nervous system (CNS) disorders. The company aims to address conditions characterized by neuronal imbalance, leveraging a pipeline of drug candidates designed to restore proper brain function. Praxis is committed to bringing innovative treatments to patients suffering from a variety of neurological and psychiatric illnesses with significant unmet medical needs.

The company's lead product candidates target a range of prominent CNS conditions. PRAX-114, currently in Phase IIa clinical trials, is an extrasynaptic-preferring GABAA receptor modulator being developed for Major Depressive Disorder and Perimenopausal Depression. Another key candidate, PRAX-944, a selective small molecule inhibitor of T-type calcium channels, is also in Phase IIa for the treatment of Essential Tremor. Additionally, PRAX-562, a persistent sodium current blocker, is undergoing Phase I trials for severe pediatric epilepsy and adult cephalgia.

Beyond these lead assets, Praxis is advancing programs for specific genetic epilepsies, including PRAX-222, an antisense oligonucleotide (ASO) for gain-of-function SCN2A epilepsy, and a program for KCNT1 gain-of-function epilepsy. Praxis Precision Medicines serves a broad market of patients afflicted with chronic and often debilitating CNS disorders, spanning mood disorders, movement disorders, and various forms of epilepsy, by developing precision medicines to improve their quality of life.

AI Analysis | Feedback

Here are a few analogies for Praxis Precision Medicines:

  1. An early-stage Biogen, but focused on a broader spectrum of brain disorders like depression, epilepsy, and tremor.
  2. Imagine the neuroscience R&D division of a major pharmaceutical company like Eli Lilly or Pfizer, but spun out as a dedicated, independent clinical-stage biotech.

AI Analysis | Feedback

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  • PRAX-114: A GABAA receptor positive allosteric modulator in development for major depressive disorder and perimenopausal depression.
  • PRAX-944: A selective small molecule inhibitor of T-type calcium channels being developed for essential tremor.
  • PRAX-562: A persistent sodium current blocker in development to treat severe pediatric epilepsy and adult cephalgia.
  • PRAX-222: An antisense oligonucleotide (ASO) therapy for patients with gain-of-function (GOF) SCN2A epilepsy.
  • KCNT1 program: A therapeutic development program aimed at treating KCNT1 gain-of-function (GOF) epilepsy.
```

AI Analysis | Feedback

Praxis Precision Medicines (PRAX) is a clinical-stage biopharmaceutical company focused on developing therapies for central nervous system disorders. As a clinical-stage company, its product candidates are currently in various phases of clinical trials and are not yet approved for commercial sale. Therefore, Praxis Precision Medicines does not currently have major customers that purchase its products, whether other companies or individuals, in the traditional sense of commercial sales.

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  • Ionis Pharmaceuticals, Inc. (IONS)

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Marcio Souza, President and Chief Executive Officer

Marcio Souza has served as the President, Chief Executive Officer, and a director of Praxis Precision Medicines since April 2020. Prior to joining Praxis, Mr. Souza was the Chief Operating Officer at PTC Therapeutics, Inc. from May 2017 to April 2020, and served as its Senior Vice President and Head of Product Strategy from July 2016 to May 2017. He previously held positions of increasing responsibility at NPS Pharmaceuticals, Inc., Shire Human Genetic Therapies Inc., and Sanofi Genzyme Corporation. Mr. Souza has also served on the board of directors for other companies, including Aeglea BioTherapeutics, Inc. since June 2021 and Clearpoint Neuro, Inc. from May 2019 to May 2020. Praxis Precision Medicines itself received significant private equity funding during its early stages.

Tim Kelly, Chief Financial Officer

Tim Kelly has served as the Chief Financial Officer of Praxis Precision Medicines since May 2021. Before joining Praxis, Mr. Kelly was the Chief Financial Officer and Head of Corporate Management at Foundation Medicine from January 2019 to April 2021, where he oversaw finance and corporate management teams. Prior to that, he spent more than 15 years in various finance leadership roles within the Roche Group, including serving as the finance and corporate services director for Roche Pharma in the UK and head of group strategic planning for the Roche Group in Switzerland.

Steven Petrou, Ph.D., Co-Founder, President of Research & Development

Dr. Steven Petrou is a Co-Founder of Praxis Precision Medicines and serves as its President of Research & Development, a role he was promoted to in January 2026. He was previously the Chief Scientific Officer. Dr. Petrou is recognized as a leader in ion channel disease biology and precision medicine, and has been a key architect of Praxis's scientific foundation and development strategy. He was formerly the institute director of The Florey Institute of Neuroscience and Mental Health.

Megan Sniecinski, Chief Operating Officer

Megan Sniecinski was promoted to Chief Operating Officer in January 2026. In this role, she is responsible for operationalizing the company's growth strategy, overseeing enterprise execution, program strategy and operations, and corporate development. Previously, she served as Chief Business Officer at Praxis. Ms. Sniecinski's background includes serving as Chief Business Officer at BioCryst Pharmaceuticals and Senior Vice President of Business Operations and Program Management at PTC Therapeutics. She also spent over a decade at Merck in various operational and strategic roles.

Alyssa Wyant, Chief Regulatory & Quality Officer

Alyssa Wyant holds the position of Chief Regulatory & Quality Officer at Praxis Precision Medicines. She was promoted to this role in December 2021, having made significant contributions to the company's accomplishments.

AI Analysis | Feedback

The key risks to Praxis Precision Medicines are:
  1. Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Praxis Precision Medicines' success is almost entirely dependent on its product candidates successfully completing rigorous and lengthy clinical trials, demonstrating efficacy and safety, and ultimately receiving regulatory approval. The company's lead candidates, PRAX-114 and PRAX-944, are in Phase IIa clinical trials, and PRAX-562 is in Phase I. These early-stage trials have a high rate of failure, and there is no guarantee that any of their product candidates will advance to later stages, achieve regulatory approval, or become commercially viable.
  2. Dependence on a Limited Number of Product Candidates and Challenges of CNS Drug Development: The company's pipeline consists of a limited number of product candidates, with the most advanced being in Phase IIa. The failure of one or more of these key candidates, particularly PRAX-114 or PRAX-944, could significantly and adversely impact the company's future prospects. Furthermore, developing therapies for central nervous system (CNS) disorders is inherently challenging, often associated with high failure rates and extended development timelines due to the complexity of the brain and the difficulty in achieving therapeutic targets effectively and safely.

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Praxis Precision Medicines (symbol: PRAX) is developing therapies for several central nervous system disorders. The addressable markets for their main product candidates are as follows:

  • PRAX-114 (Major Depressive Disorder and Perimenopausal Depression)

    • For **Major Depressive Disorder**, the global market size was estimated to be between USD 6.26 billion in 2025 and USD 8.18 billion in 2025, with projections to reach approximately USD 7.49 billion by 2030 to USD 14.57 billion by 2033. The market across eight major markets (US, France, Germany, Italy, Spain, UK, Japan, and Canada) is projected to reach USD 9.6 billion by 2029. In 2023, the market size in the seven major markets (US, EU4 countries, and Japan) was approximately USD 7,165 million, with the United States accounting for approximately USD 5,600 million. North America is a significant market for Major Depressive Disorder treatment.

    • For **Perimenopausal Depression**, a specific standalone market size for treatments directly addressing "perimenopausal depression" is not readily available in the provided search results. However, perimenopausal depression is a component of the broader menopause market. The global menopause market was valued at approximately USD 17.7 billion to USD 19.72 billion in 2024, with projections to reach between USD 24.35 billion by 2030 and USD 33.32 billion by 2033. The menopause market in the seven major markets (US, EU4 countries, UK, and Japan) was estimated at nearly USD 10,970 million in 2023. The North America menopausal disorder treatment market was valued at USD 5,957.4 million in 2022 and is expected to grow to USD 10,704.2 million by 2030.
  • PRAX-944 (Essential Tremor)

    • The global essential tremor treatment market size was valued at approximately USD 129.75 million to USD 166.06 million in 2024, with projections to reach between USD 211.53 million by 2032 and USD 302.86 million by 2035. In 2024, the seven major essential tremor markets reached a value of USD 134.0 million and are expected to reach USD 298.6 million by 2035. North America leads this market, accounting for a significant share of global demand. The United States alone is estimated to have 7 to 10 million individuals affected by essential tremor.
  • PRAX-562 (Severe Pediatric Epilepsy and Adult Cephalgia)

    • For **Severe Pediatric Epilepsy**, the global pediatric epilepsy therapeutics market size was valued between USD 2.1 billion and USD 12.1 billion in 2024, with projections to reach between USD 3.9 billion by 2032 and USD 14.7 billion by 2030. The global anti-epileptic drugs for pediatrics market was valued at approximately USD 1.1 billion in 2024 to USD 1.50 billion in 2025, expected to reach USD 1.5 billion by 2030 to USD 3.25 billion by 2035. The U.S. pediatric epilepsy treatment drugs market had a revenue of USD 844.4 million in 2024. North America is the largest market for pediatric epilepsy therapeutics.
    • For **Adult Cephalgia** (a general term for headache), the global headache disorders market size was USD 3.99 billion in 2022 and is expected to grow up to USD 6.55 billion by 2030. Specifically for migraine, the total market size in the seven major markets was approximately USD 10,880 million in 2023, with the US market at approximately USD 6,790 million in the same year. For cluster headache, a type of cephalgia, the global market size was valued at approximately USD 401.82 million in 2024 to USD 449.3 million in 2025, projected to reach between USD 595 million by 2033 and USD 694.0 million by 2032. North America is a leading region in the cluster headache market.
  • PRAX-222 (SCN2A Epilepsy) and KCNT1 program (KCNT1 GOF Epilepsy)

    • Specific addressable market sizes for highly rare genetic epilepsies like SCN2A Epilepsy and KCNT1 GOF Epilepsy are not explicitly available as standalone figures in the provided market reports. These conditions would typically fall under the broader categories of rare epilepsies or severe pediatric epilepsies, for which market sizes are provided above.

AI Analysis | Feedback

Praxis Precision Medicines (PRAX) is poised for significant revenue growth over the next 2-3 years, primarily driven by the anticipated commercialization of its late-stage pipeline assets and potential milestone payments from strategic collaborations.

Here are the key expected drivers of future revenue growth:

  1. Commercialization of Ulixacaltamide for Essential Tremor: Praxis submitted a New Drug Application (NDA) for ulixacaltamide in essential tremor by mid-February 2026. This product candidate has received Breakthrough Therapy Designation from the FDA and represents the first successful Phase 3 program for a pharmacological treatment of essential tremor. Ulixacaltamide is targeting a substantial market with approximately 2 million addressable essential tremor patients in the U.S., and management anticipates peak revenue estimates exceeding $10 billion. The company is actively building its commercial infrastructure, hiring leadership, and accelerating disease awareness in preparation for a potential launch.
  2. Commercialization of Relutrigine for SCN2A/8A-DEEs: The company also submitted an NDA for relutrigine for SCN2A and SCN8A developmental and epileptic encephalopathies (DEEs) by mid-February 2026, also holding Breakthrough Therapy Designation. The EMBOLD study demonstrated rapid and durable seizure control in patients with these ultra-rare DEEs. Praxis expects to submit a supplemental New Drug Application (sNDA) by 2027, based on the EMERALD trial, to expand the indication for relutrigine to a broader range of developmental and epileptic encephalopathies. This asset addresses a high unmet medical need and has potential for blockbuster revenue.
  3. Potential Approval and Launch of Elsunersen (PRAX-222) for SCN2A-DEE: Elsunersen (PRAX-222), an antisense oligonucleotide (ASO), is in a registrational trial (EMBRAVE3) for early-seizure-onset SCN2A-DEE, with patient enrollment anticipated to begin by mid-2025. Topline results from an ongoing part of the EMBRAVE study are expected in the first half of 2026. Elsunersen has been granted rare pediatric drug designation, which could qualify Praxis for a pediatric review voucher upon approval. Praxis believes elsunersen has the potential to generate over $1 billion in annual revenue once approved.
  4. Milestone Payments and Royalties from KCNT1 Program: Praxis has a collaboration agreement with UCB for its KCNT1 program. UCB exercised its option to in-license global development and commercialization rights for a KCNT1 small molecule development candidate. As a result, Praxis has received an option exercise fee and is eligible for future success-based development and commercialization milestone payments, totaling up to approximately $100 million, in addition to tiered royalties on net sales of any resulting products from the collaboration. These payments will contribute to the company's revenue streams as the program progresses.

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Share Issuance

  • Praxis Precision Medicines completed a public offering in 2025, raising approximately $567.1 million through the issuance of common stock and pre-funded warrants.
  • In January 2026, the company executed another public offering that generated approximately $621.2 million.
  • In October 2025, a public offering was priced to raise around $525 million through common stock and pre-funded warrants.

Inbound Investments

  • Praxis Precision Medicines launched in May 2020 with $100 million in financing supported by Blackstone Life Sciences and Novo Holdings.
  • As of December 31, 2025, the company reported $926.1 million in cash, cash equivalents, and marketable securities.
  • Perceptive Advisors significantly increased its stake in Praxis by 431,432 shares in Q4 2025, with an estimated transaction value of $80.34 million.

Capital Expenditures

  • Praxis Precision Medicines reported capital expenditures of $0.06 million in 2024.
  • For fiscal year 2025, capital expenditures were $56,000, primarily focused on funding long-term assets and infrastructure.
  • Significant capital is directed towards research and development, with expenses reaching $267.1 million in fiscal year 2025, a 75.3% increase from the prior year, primarily for its Cerebrum™ and Solidus™ platforms.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PRAXNBIXJAZZXENEDNLIBHVNMedian
NamePraxis P.Neurocri.Jazz Pha.Xenon Ph.Denali T.Biohaven  
Mkt Price315.80176.41255.4365.7823.5714.51121.09
Mkt Cap9.117.715.85.74.42.17.4
Rev LTM03,1024,4390000
Op Inc LTM-357799910-413-547-654-385
FCF LTM-2828291,144-307-421-594-295
FCF 3Y Avg-1826451,205-225-410-534-203
CFO LTM-2828641,334-306-412-594-294
CFO 3Y Avg-1826801,310-222-397-532-202

Growth & Margins

PRAXNBIXJAZZXENEDNLIBHVNMedian
NamePraxis P.Neurocri.Jazz Pha.Xenon Ph.Denali T.Biohaven  
Rev Chg LTM-100.0%28.6%9.2%-100.0%---45.4%
Rev Chg 3Y Avg130.5%24.8%5.9%---24.8%
Rev Chg Q-42.2%19.1%-100.0%--19.1%
QoQ Delta Rev Chg LTM-8.5%4.0%-100.0%--4.0%
Op Inc Chg LTM-53.4%59.3%53.1%-40.8%-6.2%29.2%11.5%
Op Inc Chg 3Y Avg-34.3%45.5%20.3%-37.0%-35.5%-12.9%-23.6%
Op Mgn LTM-25.7%20.5%---23.1%
Op Mgn 3Y Avg-23.4%16.5%---19.9%
QoQ Delta Op Mgn LTM-3.5%8.4%---5.9%
CFO/Rev LTM-27.8%30.1%---28.9%
CFO/Rev 3Y Avg-27.5%31.8%---29.6%
FCF/Rev LTM-26.7%25.8%---26.2%
FCF/Rev 3Y Avg-26.0%29.3%---27.7%

Valuation

PRAXNBIXJAZZXENEDNLIBHVNMedian
NamePraxis P.Neurocri.Jazz Pha.Xenon Ph.Denali T.Biohaven  
Mkt Cap9.117.715.85.74.42.17.4
P/S-5.73.6---4.6
P/Op Inc-25.522.217.4-13.9-8.0-3.3-5.7
P/EBIT-25.522.2-420.5-13.9-8.0-3.3-11.0
P/E-27.926.5536.1-15.0-8.7-3.3-6.0
P/CFO-32.320.511.9-18.8-10.7-3.6-7.1
Total Yield-3.6%3.8%0.2%-6.7%-11.5%-30.2%-5.1%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-12.9%4.4%15.1%-6.5%-12.4%-28.3%-9.4%
D/E0.00.00.30.00.00.10.0
Net D/E-0.1-0.10.2-0.2-0.2-0.0-0.1

Returns

PRAXNBIXJAZZXENEDNLIBHVNMedian
NamePraxis P.Neurocri.Jazz Pha.Xenon Ph.Denali T.Biohaven  
1M Rtn-3.7%4.7%11.0%10.1%-7.8%-8.3%0.5%
3M Rtn-4.6%37.8%26.9%21.2%18.2%51.3%24.1%
6M Rtn7.4%31.2%53.5%55.9%14.4%13.9%22.8%
12M Rtn433.3%33.5%116.0%117.1%72.4%7.5%94.2%
3Y Rtn2,048.3%71.7%95.2%79.4%-15.8%-23.8%75.5%
1M Excs Rtn-4.4%6.7%12.2%15.1%-5.4%-6.2%1.1%
3M Excs Rtn-11.9%34.7%26.5%15.6%15.2%43.4%21.1%
6M Excs Rtn-5.9%22.3%44.2%50.3%9.2%0.2%15.8%
12M Excs Rtn427.9%17.5%99.9%95.6%48.2%-10.5%71.9%
3Y Excs Rtn1,768.0%16.7%35.9%10.2%-81.6%-104.8%13.4%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Discovers and develops therapies for central nervous system (CNS) disorders092
Total092


Net Income by Segment
$ Mil20252024
Discovers and develops therapies for central nervous system (CNS) disorders-303-183
Total-303-183


Assets by Segment
$ Mil20232022202120202019
Discovers and develops therapies for central nervous system (CNS) disorders8811529330348
Total8811529330348


Price Behavior

Price Behavior
Market Price$315.80 
Market Cap ($ Bil)9.1 
First Trading Date10/16/2020 
Distance from 52W High-11.6% 
   50 Days200 Days
DMA Price$304.57$278.20
DMA Trendupdown
Distance from DMA3.7%13.5%
 3M1YR
Volatility71.9%199.8%
Downside Capture-12.71-111.85
Upside Capture-32.85109.26
Correlation (SPY)9.5%2.9%
PRAX Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.700.681.781.170.490.89
Up Beta5.133.574.884.232.590.96
Down Beta2.521.491.010.780.681.42
Up Capture-151%-28%47%17%186%214%
Bmk +ve Days11244067140429
Stock +ve Days10213061133389
Down Capture-110%-90%-27%1%-256%43%
Bmk -ve Days10172358112321
Stock -ve Days11203364118354

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PRAX
PRAX448.1%199.1%1.38-
Sector ETF (XLV)22.0%15.7%1.073.2%
Equity (SPY)17.6%12.7%1.002.7%
Gold (GLD)20.8%28.1%0.666.7%
Commodities (DBC)29.6%19.5%1.21-5.5%
Real Estate (VNQ)13.9%14.1%0.690.9%
Bitcoin (BTCUSD)-46.0%43.0%-1.31-1.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PRAX
PRAX3.6%127.5%0.59-
Sector ETF (XLV)6.8%15.0%0.2711.8%
Equity (SPY)13.2%17.1%0.5913.4%
Gold (GLD)17.2%18.4%0.754.3%
Commodities (DBC)9.7%19.5%0.381.2%
Real Estate (VNQ)3.3%18.9%0.0712.5%
Bitcoin (BTCUSD)15.8%53.5%0.478.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PRAX
PRAX-2.8%123.1%0.51-
Sector ETF (XLV)10.1%16.6%0.4912.0%
Equity (SPY)14.9%17.9%0.7114.5%
Gold (GLD)11.4%16.1%0.584.7%
Commodities (DBC)6.9%18.0%0.300.8%
Real Estate (VNQ)5.2%20.7%0.2112.5%
Bitcoin (BTCUSD)58.0%66.2%0.989.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity3.8 Mil
Short Interest: % Change Since 6302026-5.6%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest9.2 days
Basic Shares Quantity28.9 Mil
Short % of Basic Shares13.0%

Earnings Returns History

Updated 6/22/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-1.0%3.7%-24.0%
2/19/20260.8%5.7%-9.6%
11/5/2025-4.1%6.9%44.4%
8/4/2025-5.5%-15.1%-16.9%
5/2/20255.7%0.0%4.6%
2/28/2025-40.6%-41.8%-40.6%
11/6/2024-1.2%14.1%-6.3%
8/13/20240.8%0.0%11.8%
...
SUMMARY STATS   
# Positive10116
# Negative121116
Median Positive1.6%6.9%33.6%
Median Negative-3.0%-11.7%-18.6%
Max Positive24.6%47.8%49.1%
Max Negative-40.6%-41.8%-77.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-1.0%3.7%-24.0%
2/19/20260.8%5.7%-9.6%
11/5/2025-4.1%6.9%44.4%
8/4/2025-5.5%-15.1%-16.9%
5/2/20255.7%0.0%4.6%
2/28/2025-40.6%-41.8%-40.6%
11/6/2024-1.2%14.1%-6.3%
8/13/20240.8%0.0%11.8%
5/13/2024-7.4%-6.9%-19.2%
3/5/2024-1.9%-3.0%-3.1%
11/7/20236.5%-11.7%22.8%
8/9/20230.4%15.9%49.1%
5/11/20230.0%-0.9%-7.6%
2/7/2023-0.9%-18.5%-77.0%
11/9/2022-5.8%-5.4%-6.7%
8/8/20222.0%18.6%-19.3%
5/9/202224.6%47.8%-75.6%
2/28/2022-1.7%-4.2%-18.0%
11/3/20211.2%1.3%-9.2%
8/16/2021-4.7%35.9%47.0%
5/11/2021-0.0%-19.0%-20.8%
3/17/20212.6%-19.4%-37.6%
SUMMARY STATS   
# Positive10116
# Negative121116
Median Positive1.6%6.9%33.6%
Median Negative-3.0%-11.7%-18.6%
Max Positive24.6%47.8%49.1%
Max Negative-40.6%-41.8%-77.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/19/202610-K
09/30/202511/05/202510-Q
06/30/202508/04/202510-Q
03/31/202505/02/202510-Q
12/31/202402/28/202510-K
09/30/202411/06/202410-Q
06/30/202408/13/202410-Q
03/31/202405/13/202410-Q
12/31/202303/05/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/11/202310-Q
12/31/202202/07/202310-K
09/30/202211/09/202210-Q
06/30/202208/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/19/202610-K
09/30/202511/05/202510-Q
06/30/202508/04/202510-Q
03/31/202505/02/202510-Q
12/31/202402/28/202510-K
09/30/202411/06/202410-Q
06/30/202408/13/202410-Q
03/31/202405/13/202410-Q
12/31/202303/05/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/11/202310-Q
12/31/202202/07/202310-K
09/30/202211/09/202210-Q
06/30/202208/08/202210-Q
03/31/202205/09/202210-Q
12/31/202102/28/202210-K
09/30/202111/03/202110-Q
06/30/202108/16/202110-Q
03/31/202105/11/202110-Q
12/31/202003/17/202110-K
09/30/202011/23/202010-Q
06/30/202010/16/2020424B4

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2028 Cash Runway     AffirmedGuidance: 2,028 for 2028

Prior: Q4 2025 Earnings Reported 2/19/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2028 Cash Runway 2,028   AffirmedGuidance: 2,028 for 2028

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2028 Cash Runway 2,028    

Insider Activity

Updated 7/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Desimone, Jill DirectSell6262026311.3211,6003,611,335727,559Form
2Nemiroff, AlexGeneral Counsel and SecretaryDirectSell11212025193.0925,1304,852,2564,022,307Form
3Mastrocola, LaurenPrincipal Accounting OfficerDirectSell11212025192.0813,6002,612,2442,005,599Form
4Adage, Capital Management, LPSee footnotesSell1017202590.0012,6001,134,032212,539,554Form
5Adage, Capital Management, LPSee footnotesSell10172025106.42301,31032,064,092219,234,811Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Desimone, Jill DirectSell6262026311.3211,6003,611,335727,559Form
2Nemiroff, AlexGeneral Counsel and SecretaryDirectSell11212025193.0925,1304,852,2564,022,307Form
3Mastrocola, LaurenPrincipal Accounting OfficerDirectSell11212025192.0813,6002,612,2442,005,599Form
4Adage, Capital Management, LPSee footnotesSell1017202590.0012,6001,134,032212,539,554Form
5Adage, Capital Management, LPSee footnotesSell10172025106.42301,31032,064,092219,234,811Form

Investor Activity (13F)

Updated Jul 28, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cormorant Asset Management, LP$285.3 Mil14.4%46TRIM -6.8%13F
Perceptive Advisors LLC$656.0 Mil13.0%92Hold13F
Vivo Capital, LLC$109.2 Mil9.1%46Hold13F
First Turn Management, LLC$13.7 Mil1.5%33ADD +18.7%13F
Tetragon Partners GP Ltd$5.1 Mil1.0%38TRIM -30.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
First Turn Management, LLC$13.7 Mil1.5%33ADD +18.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Tetragon Partners GP Ltd$5.1 Mil1.0%38TRIM -30.5%13F
Cormorant Asset Management, LP$285.3 Mil14.4%46TRIM -6.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Perceptive Advisors LLC$656.0 Mil13.0%92Hold13F
Cormorant Asset Management, LP$285.3 Mil14.4%46TRIM -6.8%13F
Vivo Capital, LLC$109.2 Mil9.1%46Hold13F
First Turn Management, LLC$13.7 Mil1.5%33ADD +18.7%13F
Tetragon Partners GP Ltd$5.1 Mil1.0%38TRIM -30.5%13F
Core Cache Last Updated: 7/27/2026