** Praxis Precision Medicines PRAX.O shares down 0.5% at $271.50 before the bell after $575 mln overnight follow-on priced

** Biopharma co late Tues said it sold ~2.2 mln shares at $260, a 4.4% discount to last sale

** Co intends to use net proceeds for potential commercialization of late-stage product candidates, to continue R&D activities of clinical-stage product candidates, among other uses, per the offering prospectus

** Piper Sandler, TD Cowen, Guggenheim and Truist joint bookrunners

** Boston, Massachusetts-based firm has ~25.2 mln shares outstanding as of Dec 31 for roughly $7 bln market cap

** On Dec 29, PRAX rose 13% to close at $304.58 after U.S. FDA granted "breakthrough" tag for co's experimental drug, ulixacaltamide, to treat patients with essential tremor

** Through Tues, stock up about 250% over the past year

** 14 of 15 analysts rate PRAX "strong buy" or "buy", while 1 has "strong sell"; median PT $450, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))