New York, January 14, 2026, 14:54 EST — During regular session
- Shares of Praxis Precision Medicines climbed roughly 8% by mid-afternoon. 1
- The company appointed epilepsy expert Dr. Orrin Devinsky to lead its clinical strategy. 2
- Two FDA drug applications are scheduled for mid-February, drawing traders’ focus. 3
Shares of Praxis Precision Medicines jumped roughly 8% on Wednesday, bucking the weaker trend in the broader market. By mid-afternoon, the Nasdaq-listed biotech was trading at $303.23, up $22.40.
The move came after Praxis announced late Tuesday it hired epilepsy expert Dr. Orrin Devinsky for a new head of clinical strategy role. Steven Petrou, president of research and development, said Devinsky’s choice to join “reflects the strength of our scientific approach and long-term strategy.” 4
Timing is crucial since investors zero in on regulatory filings that can shift a biotech’s valuation overnight. A New Drug Application, or NDA, is what drugmakers send to the U.S. Food and Drug Administration to get approval to market a drug. The FDA’s Breakthrough Therapy designation aims to fast-track development and review when early data hints a drug might outperform existing treatments. 5
Biotech led gains, with the SPDR S&P Biotech ETF climbing roughly 1.8%, while the iShares Nasdaq Biotechnology ETF added about 0.5%. Meanwhile, the Nasdaq-focused QQQ and the S&P 500 tracker SPY fell more than 0.8% each.
Praxis highlighted Devinsky’s decades-long focus on epilepsy research and his role as a principal investigator in trials that secured the first FDA approval for cannabidiol therapy targeting several rare epilepsies. “Praxis represents a rare convergence of scientific rigor, translational ambition, and genuine commitment to patients,” Devinsky commented. 6
The company is focusing on therapies for central nervous system disorders caused by neuronal signaling imbalances. Its pipeline includes programs built on both a small-molecule platform and an antisense oligonucleotide platform. The firm currently has four late-stage candidates targeting movement disorders and epilepsy. 7
Praxis revealed its 2026 plan earlier this week, aiming for two NDA submissions by mid-February: ulixacaltamide for essential tremor, a disorder causing severe shaking, and relutrigine targeting SCN2A/8A developmental and epileptic encephalopathies, a rare genetic epilepsy. The company also pointed to multiple registrational readouts scheduled for 2026 and reported having $1.5 billion in pro forma cash and investments. CEO Marcio Souza noted the company’s focus now “broadens from clinical execution to commercial readiness.” 8
Praxis just closed an underwritten public offering, selling 2.212 million shares at $260 each, aiming to raise roughly $575 million before fees. While this move reduces funding pressure, it also dilutes existing shareholders—a factor investors usually factor into the stock price right away. 9
But the risk remains. The FDA warns that Breakthrough Therapy designation doesn’t ensure approval. Delays in review or requests for additional data can extend timelines and slam high-multiple biotech stocks. 10
Investors are focused on the company’s anticipated NDA submissions in mid-February, along with any insights into the FDA review timeline. The next major catalyst probably won’t emerge until trial results start coming in 2026, which could swing either direction. 11
