First Tracks Biotherapeutics (NASDAQ:TRAX) Stock Rating Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded First Tracks Biotherapeutics from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with a $71.33 average price target.
• Several analysts raised their targets, including Wells Fargo to $70, Leerink Partners to $90, and Guggenheim’s new $100 target; however, the stock opened at $34.46, down 4.4%.
• The company reported a quarterly EPS loss of $0.95, missing the consensus estimate of a $0.74 loss, while a director sold 39,265 shares worth about $1.76 million.

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

Several other analysts have also weighed in on TRAX. Wells Fargo & Company increased their price target on First Tracks Biotherapeutics from $62.00 to $70.00 and gave the company an "overweight" rating in a report on Monday. Guggenheim initiated coverage on shares of First Tracks Biotherapeutics in a research note on Wednesday, September 16th. They set a "buy" rating and a $100.00 price objective for the company. Leerink Partners lifted their price objective on shares of First Tracks Biotherapeutics from $70.00 to $90.00 and gave the stock an "outperform" rating in a research note on Friday. Wolfe Research initiated coverage on shares of First Tracks Biotherapeutics in a research report on Tuesday, August 18th. They set an "outperform" rating and a $83.00 price objective on the stock. Finally, HC Wainwright reissued a "buy" rating and issued a $57.00 target price on shares of First Tracks Biotherapeutics in a research note on Thursday, September 3rd. Twelve 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 stock. According to MarketBeat.com, First Tracks Biotherapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $71.33.

First Tracks Biotherapeutics Trading Down 4.4%

First Tracks Biotherapeutics stock opened at $34.46 on Friday. The company's fifty day simple moving average is $39.16. First Tracks Biotherapeutics has a 52-week low of $14.72 and a 52-week high of $49.91.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) last announced its 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). On average, equities research analysts predict that First Tracks Biotherapeutics will post -4.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director J. Ware sold 39,265 shares of First Tracks Biotherapeutics stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $44.78, for a total transaction 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 trade represents a 71.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Investors Weigh In On First Tracks Biotherapeutics

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

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