First Tracks Biotherapeutics (NASDAQ:TRAX) Downgraded to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded First Tracks Biotherapeutics (NASDAQ:TRAX) from “Hold” to “Sell.” However, the broader analyst consensus remains “Moderate Buy,” with nine Buy ratings, one Hold, one Sell, and an average price target of $63.
• TRAX shares opened at $40.46 after falling 4.8%, while the company reported a quarterly loss of $0.95 per share—$0.21 worse than analysts’ expectations. Analysts forecast a full-year loss of $4.31 per share.
• Director J. Anthony Ware sold 39,265 shares for approximately $1.76 million, reducing his direct holdings by 71.49%; meanwhile, several institutional investors initiated positions during the second quarter.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts also recently issued reports on the stock. HC Wainwright reissued a "buy" rating and set a $57.00 price objective on shares of First Tracks Biotherapeutics in a research report on Thursday. Piper Sandler raised their target price on shares of First Tracks Biotherapeutics from $54.00 to $95.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Weiss Ratings began coverage on shares of First Tracks Biotherapeutics in a research note on Thursday, August 13th. They set a "sell (d)" rating on the stock. UBS Group boosted their price target on shares of First Tracks Biotherapeutics from $45.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Finally, Wedbush increased their price target on shares of First Tracks Biotherapeutics from $60.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, First Tracks Biotherapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $63.00.

First Tracks Biotherapeutics Trading Down 4.8%

Shares of TRAX stock opened at $40.46 on Friday. First Tracks Biotherapeutics has a fifty-two week low of $14.72 and a fifty-two week high of $49.91. The company has a market cap of $1.45 billion and a price-to-earnings ratio of -21.99. The stock has a 50 day simple moving average of $38.24.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) last announced 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). On average, research analysts forecast that First Tracks Biotherapeutics will post -4.31 EPS for the current fiscal year.

Insider Buying and Selling at First Tracks Biotherapeutics

In related news, Director J. Anthony 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 value of $1,758,286.70. Following the completion of the transaction, the director directly owned 15,660 shares in the company, valued at $701,254.80. This trade represents a 71.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Investors Weigh In On First Tracks Biotherapeutics

Several hedge funds have recently bought and sold shares of TRAX. Corient Private Wealth LP purchased a new stake in First Tracks Biotherapeutics in the second quarter worth about $610,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of First Tracks Biotherapeutics during the second quarter valued at approximately $232,000. California State Teachers Retirement System purchased a new position in shares of First Tracks Biotherapeutics during the second quarter valued at approximately $10,643,000. Finally, Wellington Management Group LLP bought a new stake in shares of First Tracks Biotherapeutics in the 2nd quarter worth approximately $1,156,000.

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.

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