Why Praxis Precision Medicines Shares Are Plunging Today - Praxis Precision Medicine (NASDAQ:PRAX)

Praxis Precision Medicines Inc's PRAX Phase 2/3 Aria Study of PRAX-114 for major depressive disorder (MDD) did not achieve statistical significance on the primary endpoint.
The primary endpoint was the change from baseline in the total score of the 17-item Hamilton Depression Rating Scale (HAM-D17).
The scale measures the frequency and intensity of depressive symptoms in individuals with major depressive disorder.
Praxis said it will prioritize programs in movement disorders and epilepsy moving forward.
Related: Praxis' PRAX-944 Shows Promising Action In Essential Tremor Patients.
The strategic realignment will result in a reduction of the company's workforce and future operating expenses. As a result of the realignment, the company's cash runway will extend into 2024.
The strategic alignment will focus on delivering Phase 2b results for PRAX-944 in essential tremor and proof-of-concept for PRAX-562 in epilepsy and advancing the pre-clinical pipeline.
Price Action: PRAX shares traded 65.1% lower at $3 premarket on the last check Monday.

Praxis Precision Posts Disappointing Data From Depression Study