NEW YORK, December 30, 2025, 00:52 ET — Market closed.
- Praxis shares rose about 13% after the FDA granted Breakthrough Therapy Designation for ulixacaltamide in essential tremor.
- The company said it remains on track to file a New Drug Application in early 2026.
- Traders are watching for follow-through before the opening bell and any added detail on filing and review timing.
Praxis Precision Medicines shares climbed about 13% in Monday’s session, last trading at $304.58, after the company said U.S. regulators granted Breakthrough Therapy Designation for its experimental essential tremor treatment. The stock swung between $318.08 and $275.00 during the day.
The designation, known as BTD, is an FDA pathway meant to speed development and review of drugs for serious conditions when early clinical evidence suggests a meaningful improvement over available options. 1
Praxis said the BTD was granted for ulixacaltamide and that it expects to submit a New Drug Application, or NDA — the formal application companies file to seek U.S. approval — in early 2026. “We are diligently preparing for the filing of the ulixacaltamide NDA, which we expect in early 2026,” CEO Marcio Souza said. 2
A separate securities filing confirmed the BTD covers ulixacaltamide for essential tremor and said it was supported by positive topline data from the company’s Essential3 program, which included two pivotal Phase 3 studies. 3
For investors, the label matters because it can reshape the near-term debate from “Does the FDA see enough signal?” to “How fast can this move through the final steps?” It also sharpens focus on execution — manufacturing readiness, labeling questions and how quickly prescribers adopt a new therapy.
Ulixacaltamide targets T-type calcium channels, proteins involved in nerve-cell signaling, as Praxis tries to address a common movement disorder with limited drug options. The company has highlighted that many patients cycle through treatments that offer modest benefit or bring tolerability issues.
Analyst activity followed the announcement. BTIG analyst Kambiz Yazdi raised the firm’s price target on Praxis to $843 from $507 while keeping a buy rating, StreetInsider reported. 4
The rally was choppy, a familiar pattern in development-stage biotech where a single regulatory headline can reprice probabilities quickly — and then invite profit-taking. Monday’s range underscored how aggressively the market is discounting the next milestone.
Before the next session, traders will be watching whether shares can hold above the $300 area after the late-session recovery, and whether early buyers defend Monday’s lows if the broader tape turns risk-off.
Investors also have one calendar item to circle: Praxis has not confirmed its next earnings publication date, but MarketBeat estimates it for Friday, February 27, 2026 based on prior reporting patterns. 5
Beyond that, the next catalysts are regulatory and timeline-driven. Any update that tightens the NDA submission window — or signals the FDA’s posture on review pace — is likely to keep PRAX volatile into year-end positioning and the first weeks of 2026.
