Praxis Precision Medicines Raises $525m Through Public Share Offering, Shares Rise 8%

Praxis Precision Medicines (PRAX) rose 8% in pre-market trading after announcing a $525m public share offering. Western Alliance Bancorporation (WAL) shares fell 11% due to concerns over credit risk in the US banking sector. Rigetti Computing (RGTI) was also trending, while Micron Technology (MU) and Smiths Group (SMG) saw increased interest.

Praxis Precision Medicines (PRAX) shares surged 8% in pre-market trading on September 12, 2025, following the announcement of a $525 million public share offering. The company's stock price reached a new high of $250.00, nearly doubling its price target set by Oppenheimer, which was initially $115.00. This significant increase is largely attributed to the positive Phase 3 clinical trial results for its essential tremor treatment, ulixacaltamide. The drug successfully met all endpoints in Study-1 and its primary endpoint in Study-2, demonstrating a competitive safety profile compared to propranolol, the current standard treatment for essential tremor, according to an Investing.com article.

In contrast, Western Alliance Bancorporation (WAL) shares fell 11% due to concerns over credit risk in the US banking sector. The regional banking index was down 5.8% by 2 p.m. on Thursday as the news rippled through the sector. Zions Bancorporation (ZION) disclosed a $50 million charge-off related to defaulted commercial loans, triggering broader concerns about regional bank credit quality. This charge-off impacted Zions' third quarter 2025 financial results and led to a 12% decline in its stock price, according to an Investing.com Australia article.

Rigetti Computing (RGTI) also saw increased interest, with its stock rising 25% following JPMorgan's announcement of a $10 billion technology initiative that includes quantum computing investments. The stock has surged 185% in the past month and roughly 127% year-to-date, reaching around $54.91 per share. This latest jump caps a remarkable run for the stock, which has gained 185% over the past month alone, as reported in a Blockonomi article.

Meanwhile, Micron Technology (MU) and Smiths Group (SMG) also saw increased interest, although specific details on their market performance were not provided in the given source materials.