Praxis Precision Medicines Plunges 39% After Study Termination Recommendation

(RTTNews) - Praxis Precision Medicines, Inc. (PRAX) is down 38.93 percent during the Friday trading, falling $24.42 to trade at $39.82 after the company announced that the Independent Data Monitoring Committee recommended stopping Study 1 of the Essential3 program for ulixacaltamide in essential tremor due to futility.

The stock opened at $39.95 and has traded between $37.60 and $42.55 today. Volume has surged to 1.54 million shares, significantly above its average of 363,391. Praxis Precision Medicines' 52-week range is $33.01 to $91.83.

The committee indicated the study was unlikely to meet its primary efficacy endpoint and suggested exploring alternative analysis methods.