Praxis Precision climbs after FDA's 'breakthrough' tag for tremor drug

Shares of drug developer Praxis Precision Medicines PRAX.O rise 11.5% to $299.9 premarket

PRAX says U.S. Food and Drug Administration has granted "breakthrough" tag for its experimental drug, ulixacaltamide, to treat patients with essential tremor

The breakthrough therapy tag is meant to speed up development and review of drugs to treat a serious condition or those with unmet medical need

Essential tremor is a neurological movement disorder that causes involuntary, rhythmic shaking in hands, arms, head or voice

As of last close, stock has more than tripled YTD