Praxis Precision Medicines (PRAX) could be approaching an unprecedented regulatory stretch, with four potential approvals across three drugs within roughly 12 months, a potential "perfect trifecta," Oppenheimer said in a Sunday note.

According to the note, EMBRAVE3 enrollment could be completed by year-end 2026, keeping elsunersen on track for potential approval alongside ulixacaltamide and relutrigine, while its single-arm desing could allow Praxis to stop the study and file early if the FDA agrees that sufficient evidence has been generated.

Oppenheimer expects EMERALD's genetically defined patient proportion to exceed Lundbeck's 44.5%, with overlapping trial sites potentially enriching for sodium channel blocker responders and supporting Q4 2026 topline results.

Analysts said the potential trifecta remains underappreciated, with relutrigine, ulixacaltamide and elsunersen potentially generating four approvals across three drugs within 12 months.

The firm maintains its outperform rating on the stock with a price target of $650.

Praxis Precision Medicines shares were up 4.6% in Monday trading.

Price: 383.54, Change: +16.73, Percent Change: +4.56