Praxis Precision Medicines, Inc. (NASDAQ: PRAX) stock surged 5.71% in pre-market trading on Friday, continuing its upward momentum following the announcement of positive results from two pivotal Phase 3 trials of its investigational drug ulixacaltamide for essential tremor. This pre-market rally comes on the heels of Thursday's impressive 183% gain, reflecting strong investor confidence in the company's breakthrough treatment.

The clinical-stage biopharmaceutical company reported that both studies met their primary endpoints, demonstrating statistically significant and clinically meaningful improvements in patients' daily functioning and tremor control. The first study, involving 473 patients, showed a 4.3 point mean improvement in the Modified Activities of Daily Living 11 (mADL11) score at Week 8 compared to placebo. The second study, with 238 patients, demonstrated superior maintenance of effect in patients continuing ulixacaltamide treatment versus those switched to placebo.

Adding to the positive sentiment, Praxis announced the pricing of a $525 million public offering of shares and pre-funded warrants, which is expected to close on October 20, 2025. The successful financing round, coupled with the promising clinical results, has prompted analysts to revise their outlook on the stock. Notably, TD Cowen raised its price target for Praxis from $61 to $251, underscoring the potential market opportunity for ulixacaltamide in treating essential tremor, a condition currently lacking approved treatments specifically designed for it.