Praxis Precision Medicines (PRAX) said Friday it received a recommendation from an independent data monitoring committee overseeing the company's study 1 of the Essential3 program of ulixacaltamide in essential tremor that the study be "stopped for futility."

The committee's decision was based on the possibility that the study will not meet its primary efficacy endpoint under the criteria set by the statistical model, the biopharmaceutical company added.

Praxis said that the committee also "encouraged" it to mull other analysis methods, adding that it intends to continue both study 1 and study 2 of the program and the results are expected in Q3.

Shares of the company fell 40% in recent Friday premarket activity.