First Tracks Biotherapeutics (NASDAQ:TRAX) Upgraded by Guggenheim to Strong-Buy Rating

Guggenheim upgraded shares of First Tracks Biotherapeutics (NASDAQ:TRAX) to a strong-buy rating in a research note published on Wednesday morning,Zacks reports.

A number of other equities research analysts have also recently weighed in on the stock. Piper Sandler upped their price objective on shares of First Tracks Biotherapeutics from $54.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Wolfe Research began coverage on First Tracks Biotherapeutics in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $83.00 price target on the stock. Wedbush upped their price target on First Tracks Biotherapeutics from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. HC Wainwright restated a “buy” rating and issued a $57.00 price target on shares of First Tracks Biotherapeutics in a research note on Thursday, September 3rd. Finally, Barclays raised their price objective on First Tracks Biotherapeutics from $48.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, First Tracks Biotherapeutics has a consensus rating of “Moderate Buy” and an average price target of $66.70.

First Tracks Biotherapeutics Trading Up 1.4%

Shares of TRAX stock opened at $39.00 on Wednesday. First Tracks Biotherapeutics has a 12 month low of $14.72 and a 12 month high of $49.91. The company has a market cap of $1.39 billion and a PE ratio of -21.20. The firm’s fifty day simple moving average is $41.37.

First Tracks Biotherapeutics (NASDAQ:TRAX) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.21). Equities research analysts expect that First Tracks Biotherapeutics will post -4.31 earnings per share for the current year.

Insider Buying and Selling

In related news, Director J. Ware sold 39,265 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $44.78, for a total transaction of $1,758,286.70. Following the sale, the director directly owned 15,660 shares of the company’s stock, valued at approximately $701,254.80. This represents a 71.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TRAX. Opaleye Management Inc. purchased a new stake in shares of First Tracks Biotherapeutics during the second quarter valued at approximately $1,308,000. Wellington Management Group LLP purchased a new position in First Tracks Biotherapeutics in the 2nd quarter worth approximately $1,156,000. Tidal Investments LLC purchased a new position in First Tracks Biotherapeutics in the 2nd quarter worth approximately $622,000. Corient Private Wealth LP bought a new position in First Tracks Biotherapeutics in the 2nd quarter valued at approximately $610,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in First Tracks Biotherapeutics in the 2nd quarter valued at approximately $232,000.

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.