First Tracks Biotherapeutics (NASDAQ:TRAX) Research Coverage Started at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of First Tracks Biotherapeutics (NASDAQ:TRAX) in a research report sent to investors on Wednesday, MarketBeat reports. The brokerage issued a buy rating and a $50.00 price target on the stock.

A number of other research firms also recently issued reports on TRAX. Guggenheim began coverage on shares of First Tracks Biotherapeutics in a research note on Wednesday, September 16th. They issued a “buy” rating and a $100.00 price target on the stock. Barclays increased their price objective on shares of First Tracks Biotherapeutics from $48.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of First Tracks Biotherapeutics from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Wedbush boosted their target price on First Tracks Biotherapeutics from $60.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. Finally, Piper Sandler upped their price target on First Tracks Biotherapeutics from $54.00 to $95.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Twelve investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, First Tracks Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.17.

First Tracks Biotherapeutics Stock Performance

TRAX stock opened at $33.28 on Wednesday. The stock’s fifty day simple moving average is $41.52. The firm has a market capitalization of $1.19 billion and a PE ratio of -18.09. First Tracks Biotherapeutics has a 52-week low of $14.72 and a 52-week high of $49.91.

First Tracks Biotherapeutics (NASDAQ:TRAX) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.21). As a group, analysts predict that First Tracks Biotherapeutics will post -4.31 EPS for the current fiscal year.

Insider Buying and Selling at First Tracks Biotherapeutics

In other news, Director J. Ware sold 39,265 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $44.78, for a total value of $1,758,286.70. Following the sale, the director directly owned 15,660 shares in the company, valued at approximately $701,254.80. This trade represents a 71.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TRAX. State Street Corp purchased a new stake in First Tracks Biotherapeutics during the 2nd quarter worth about $30,439,000. Opaleye Management Inc. purchased a new position in shares of First Tracks Biotherapeutics in the 2nd quarter valued at about $1,308,000. Wellington Management Group LLP acquired a new position in shares of First Tracks Biotherapeutics during the second quarter worth about $1,156,000. Tidal Investments LLC acquired a new position in shares of First Tracks Biotherapeutics during the second quarter worth about $622,000. Finally, Corient Private Wealth LP purchased a new stake in shares of First Tracks Biotherapeutics during the second quarter worth approximately $610,000.

About First Tracks Biotherapeutics

First Tracks Biotherapeutics is a clinical stage biotechnology company advancing antibody therapies which modulate immune pathways implicated in autoimmune and inflammatory diseases. Its pipeline includes ANB033 and ANB101. First Tracks Biotherapeutics is based in SAN DIEGO.