** Wedbush lifts Praxis Precision Medicines PRAX.O PT to $73 from $33, representing a 60.5% downside on stock's last close, maintains "underperform" rating

** Brokerage says it lifts PT after reincorporating ulixacaltamide credit beginning in 2027 and layering in the offering

** Says co is ahead in Essential Tremor indication and the strengthened balance sheet offers additional flexibility to prepare

** However, brokerage says it remains cautious on the setup

** Shares of Praxis Precision Medicines fall nearly 2% to about $186 in premarket trading

** 13 of 14 brokerages rate the stock "buy" or higher and one strong sell; their median PT is $260.5 - data compiled by LSEG

** As of last close, shares up about 146.9% YTD

(Reporting by Parth Chandna)

((Parth.Chandna@thomsonreuters.com;))