Biotech Stock Up 685% Draws $80.5 Million Investment Amid Dual FDA Filings

On February 17, 2026, Driehaus Capital Management disclosed a buy of 432,510 shares of Praxis Precision Medicines (PRAX +3.23%), an estimated $80.54 million trade based on quarterly average pricing.

What happened

According to an SEC filing dated February 17, 2026, Driehaus Capital Management increased its position in Praxis Precision Medicines by 432,510 shares. The estimated transaction value is $80.54 million, based on the mean closing price for the quarter ended December 31, 2025. The quarter-end value of the PRAX stake rose by $248.48 million, a figure reflecting both the share purchase and stock price appreciation.

What else to know

• This was a buy, bringing the PRAX position to 1.87% of Driehaus’s 13F assets under management
• Top holdings after the filing:
  • NYSE:TSM: $657.49 million (4.5% of AUM)
  • NASDAQ:CRNX: $297.35 million (2.0% of AUM)
  • NASDAQ: PRAX: $275.01 million (1.9% of AUM)
  • NASDAQ:GH: $218.91 million (1.5% of AUM)
  • NASDAQ:XENE: $203.42 million (1.4% of AUM)
• As of Thursday, shares of PRAX were priced at $303.37, up a staggering 685% over the past year and vastly outperforming the S&P 500’s roughly 19% gain in the same period.

Company overview

Company snapshot

• Praxis develops clinical-stage therapies for central nervous system disorders, including lead candidates PRAX-114 for depression and PRAX-944 for essential tremor.
• The firm operates a research-driven biopharmaceutical business model with multiple licensing agreements and research collaborations.
• It targets healthcare providers, researchers, and patients affected by neurological and psychiatric conditions.

Praxis Precision Medicines, Inc. is a biotechnology company focused on advancing therapies for central nervous system disorders characterized by neuronal imbalance. The company leverages a robust clinical pipeline and collaborations with industry partners to address unmet medical needs in neurology and psychiatry. Its strategic emphasis on research innovation and targeted drug development positions it as a differentiated player in the CNS therapeutics market.

What this transaction means for investors

Praxis Precision Medicines is approaching multiple potential regulatory milestones, and investors have certainly taken notice. The company recently submitted two new drug applications to the FDA, including ulixacaltamide for essential tremor and relutrigine for rare developmental epilepsies. If approved, those programs could push Praxis from a development stage biotech into a commercial neuroscience company, thereby opening the door to meaningful revenue for the first time.

In a statement last month, CEO Marcio Souza said the firm believes its four late-stage programs across tremor disorders, epilepsy, and rare genetic neurological diseases together carry potential revenue exceeding $20 billion if successfully commercialized.

Financially, the company appears positioned to pursue that strategy aggressively. Praxis finished 2025 with roughly $926 million in cash and investments and raised an additional $621 million early in January, giving it funding visibility into 2028 as it advances clinical trials and prepares potential launches.

After such a staggering run, the opportunity is clear, but so is the risk if the firm runs into any regulatory hurdles.