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Praxis Precision Medicines (NASDAQ:PRAX) reported Phase 2/3 POWER1 study results on June 2, evaluating vormatrigine for focal onset seizures in a double-blind, placebo-controlled trial that allowed up to three approved anti-seizure drugs. The company said higher-dose groups showed positive effectiveness signals, while key seizure-reduction endpoints were not met. It reported a favorable safety profile and low discontinuation rates, and plans to assess results to guide POWER2 and further developm

US stock indexes hit new record highs as investors weighed AI optimism and a low implied chance of Fed tightening, with markets pricing a 2% probability of a +25 bp hike at the June 16-17 FOMC. Bloomberg Intelligence said 84% of S&P 500 Q1 reporters beat estimates; Q1 earnings seen +12% y/y. Rates, Europe CPI, and sector movers were mixed.

US stocks rose as investors weighed strong labor-market data and ongoing AI spending, despite hawkish remarks from Cleveland Fed President Beth Hammack that the policy rate “may not be restrictive” and could need tightening if inflation stays elevated. Markets priced only a ~1% chance of a +25 bp Fed hike at June 16-17. Q1: 84% of 485 S&P 500 firms beat estimates; earnings seen +12% y/y.

S&P 500 (SPY) rose 0.13% to a record close, the Dow (DIA) gained 0.45%, and Nasdaq 100 (QQQ) added 0.48%, after early losses. The move was attributed to AI spending enthusiasm, strong Q1 earnings (84% of 485 S&P 500 firms beat estimates, per the report) and higher US April JOLTS job openings (7.618M). Marvell jumped 32% on Nvidia CEO Huang’s $1T comment; HPE surged 19% on an above-estimate sales outlook.

Praxis Precision Medicine (NASDAQ:PRAX) reported Phase 2/3 POWER1 results for vormatrigine in highly refractory focal onset seizures. The company said the trial missed its primary endpoint on monthly seizure frequency, but met a secondary 50% response rate and saw greater seizure reduction in the higher-dose (30 mg) arm. Praxis said 90% of patients entered the open-label extension and it is pausing POWER2 enrollment to reassess the program.

Praxis Precision Medicines, Inc. is holding its 2026 virtual annual meeting on June 10, 2026, where stockholders will vote on the election of three Class III directors, the ratification of Ernst & Young LLP as auditor, and an advisory Say-on-Pay resolution regarding executive compensation. The company reported a 283% one-year return for stockholders in 2025, driven by significant clinical, regulatory, and capital-raising milestones. Praxis has also evolved its executive compensation program for 2026 to include performance-based restricted stock units (PSUs) to further align executive incentives with company performance and long-term value creation.