<div id="readability-page-1"><div id="ctl00_CPI_dvBody"><div><div>Add <img src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/RTTNews-Logo-224x61.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/RTTNews-Logo-224x61.png"/> as your preferred news source on Google<div><img src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/google.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/google.png"/> Add Now</div></div></div> Wedbush Cuts Praxis Price Target to $162 After POWER1 MissWedbush analyst Laura Chico lowered her 12-month price target on Praxis Precision Medicines Inc. (PRAX) to $162 from $355, maintaining an Underperform rating. The downgrade follows Praxis' announcement that its Phase 2/3 POWER1 study of Vormatrigine in focal onset seizures failed to meet the primary endpoint of mean percent change (MPC) in seizure frequency versus placebo. The trial incorporated two dosing regimens—20 mg once daily for six weeks and 30 mg once daily for six weeks. Praxis noted that seizure reduction during the second half of the study at the higher 30 mg dose was more pronounced, though not sufficient to meet the prespecified endpoint.As a result, Praxis will pause enrolment in the POWER2 study to reassess potential modifications. Wedbush highlighted that the POWER1 results differ from the earlier Phase 2 RADIANT study, which had shown a 56% seizure reduction in an open-label, single-arm setting. Chico noted that while some drop-off was expected in a more rigorous trial, a dose-ranging study may be necessary to better understand Vormatrigine's potential.Wedbush extended its launch timing assumptions for Vormatrigine, leading to the reduced-price target. The firm reiterated its cautious stance, citing uncertainty around clinical development timelines and the need for further clarity on dosing strategy.PRAX closed Wednesday's trading at $278.93, up 8.08% Wedbush Reiterates Outperform on IDEAYA, Price Target $58 After Full OptimUM-02 DataWedbush analyst Robert Driscoll reaffirmed his Outperform rating on IDEAYA Biosciences, Inc. (IDYA) with a 12-month price target of $58.IDEAYA and partner Servier presented full Phase 2/3 OptimUM-02 data at the ASCO 2026, confirming topline results and showing Darovasertib plus Crizotinib in first-line HLA-A2 negative metastatic uveal melanoma.The OptimUM-02 trial enrolled treatment-naïve patients randomized to receive Darovasertib 300 mg twice daily plus Crizotinib 200 mg twice daily versus investigator's choice of therapy (ICT). The study met its primary endpoint, with improved median progression-free survival to 6.9 months versus 3.1 months for ICT. Objective response rate was 37.1% versus 5.8%, with disease control rate of 73.3% versus 31.1%. Safety favoured the combination, with fewer serious adverse events and lower discontinuation rates.Wedbush noted that the full dataset demonstrated consistent PFS improvement across all prespecified subgroups, including age, gender, LDH, ECOG status, and site of metastasis, which supports the potential for a broad regulatory label. While overall survival remains immature, an early trend favored Darovasertib plus Crizotinib. The firm expects a statistically significant difference to emerge with upcoming OptimUM-01 data, which previously demonstrated median overall survival of 21.1 months versus 10-13 months in historical controls. The next update is expected at a prespecified interim analysis and will support potential full approval.IDEAYA completed its first Real-Time Oncology Review (RTOR) pre-submission in May, with a full NDA filing expected in H2 2026. Wedbush continues to model a first-quarter 2027 launch.Driscoll concluded that the magnitude of benefit and regulatory progress support confidence in IDEAYA's pipeline.IDYA closed Wednesday's trading at $28.40, up 1.90%.Wedbush Reiterates Outperform on Edgewise, Price Target $52 After $1.55B Servier DealWedbush analyst Laura Chinco reaffirmed her Outperform rating on Edgewise Therapeutics Inc. (EWTX) with a 12-month price target of $52.Edgewise announced it has reached an agreement with Servier to sell all rights to Sevasemten for $1.55 billion in upfront cash and up to $1.1 billion in milestones. Wedbush noted that while Sevasemten had strong potential, advancing both Sevasemten and EDG-7500 offered limited synergies. The transaction provides significant non-dilutive capital, extending Edgewise's runway and allowing the company to sharpen its focus on cardiac programs.Wedbush emphasized that the most important near-term catalyst for Edgewise remains the CIRRUS readout in the second quarter of 2026, which will be key to demonstrating differentiation versus competitors. Chinco highlighted that differentiation will mean efficacy consistent with prior results and a clean safety, profile with no left ventricular ejection fraction (LVEF) below 50% and atrial fibrillation rates in the single digits.Wedbush concluded that the Servier deal strengthens Edgewise's financial position and strategic focus, supporting confidence in its pipeline and long-term outlook.EWTX closed Wednesday's trading at $36.21, down 2.79%Wedbush Raises Jade Biosciences Price Target to $45 After Strong JADE101 DataWedbush analyst Laura Chinco reaffirmed her Outperform rating on Jade Biosciences, Inc. (JBIO) and raised the 12-month price target to $45 from $34.The upgrade follows Phase 1 data for JADE101, which achieved a 70% reduction in IgA levels at the 700 mg dose, with potential for every-12-week dosing. Wedbush noted that heading into the readout, expectations were for reductions on par with Sibeprenlimab (-57%) at an eight-week interval, but JADE101 exceeded those benchmarks.Wedbush highlighted that IgA reductions are strongly correlated with proteinuria improvements in IgA nephropathy patients, suggesting JADE101 could offer a differentiated profile. While acknowledging the data is early, Chico emphasized that the combination of IgA reductions and safety is compelling, and the Phase 1 results help de-risk the program ahead of the Phase 2 JUNIPER study, expected to deliver data in 2027.JBIO closed Wednesday's trading at $17.59, down 0.90%. For comments and feedback contact: editorial@rttnews.comBusiness News</div></div>

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Wedbush adjusted analyst ratings for four biotech firms: Praxis (PRAX) price target cut to $162 after POWER1 trial miss; IDEAYA (IDYA) and Edgewise (EWTX) retain Outperform ratings with targets of $58 and $52 respectively, following positive OptimUM-02 data and a $1.55B Servier deal; Jade Biosciences (JBIO) target raised to $45 on strong JADE101 Phase 1 data.

Wedbush Analyst Ratings On PRAX, IDYA, EWTX, JADE