First Tracks Biotherapeutics (NASDAQ:TRAX) Now Covered by Analysts at Canaccord Genuity Group

Stock analysts at Canaccord Genuity Group assumed coverage on shares of First Tracks Biotherapeutics (NASDAQ:TRAX) in a report released on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $50.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 38.97% from the company’s previous close.

Several other brokerages also recently weighed in on TRAX. Wedbush raised their price target on shares of First Tracks Biotherapeutics from $60.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. Wells Fargo & Company lifted their target price on shares of First Tracks Biotherapeutics from $30.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. Weiss Ratings began coverage on shares of First Tracks Biotherapeutics in a report on Thursday, August 13th. They set a “sell (d)” rating for the company. Evercore initiated coverage on First Tracks Biotherapeutics in a research report on Friday, September 18th. They issued an “outperform” rating and a $65.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $57.00 target price on shares of First Tracks Biotherapeutics in a research report on Thursday, September 3rd. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.17.

First Tracks Biotherapeutics Price Performance

First Tracks Biotherapeutics stock opened at $35.98 on Wednesday. The firm has a 50 day simple moving average of $41.69. The stock has a market cap of $1.29 billion and a price-to-earnings ratio of -19.55. First Tracks Biotherapeutics has a 1-year low of $14.72 and a 1-year high of $49.91.

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

Insiders Place Their Bets

In other First Tracks Biotherapeutics news, Director J. Ware sold 39,265 shares of the company’s 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 completion of the sale, the director directly owned 15,660 shares in the company, valued at approximately $701,254.80. This represents a 71.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Trading of First Tracks Biotherapeutics

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

First Tracks Biotherapeutics Company Profile

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.