Jazz Dives — But Key Rival Praxis Surges — On Essential Tremor Drug Failure

 Jazz stock toppled Thursday — while shares of rival Praxis Precision Medicines (PRAX) surged — after its essential tremor drug failed in midstage testing.

Jazz Pharmaceuticals (JAZZ) said a 30 milligram dose of its drug, suvecaltamide, didn't lead to a statistically significant improvement in symptoms after 12 weeks. The company blamed an unexpectedly strong response from the placebo group for the failure.

The results initially slammed Praxis stock. But shares reversed higher in afternoon trades.

Praxis is developing a treatment for essential tremor called ulixacaltamide. It targets the same channel as Jazz's suvecaltamide. Wedbush analyst Laura Chico notes Praxis is using a different goal for its study — one that has never been tested clinically.

https://www.investors.com/news/technology/jazz-stock-praxis-stock-essential-tremor-drug-failure/