First Tracks Biotherapeutics (NASDAQ:TRAX) Stock Rating Upgraded by Guggenheim

Key Points

• Guggenheim upgraded First Tracks Biotherapeutics to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $66.70.
• TRAX opened at $39.00, with a market capitalization of approximately $1.39 billion and a 12-month trading range of $14.72 to $49.91. The company reported a quarterly loss of $0.95 per share, missing the $0.74 consensus estimate.
• Director J. Ware sold 39,265 shares for about $1.76 million, reducing his ownership by 71.49%; meanwhile, several institutional investors initiated new positions during the second quarter.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) was upgraded by equities researchers at Guggenheim to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

Several other research firms have also weighed in on TRAX. Wells Fargo & Company increased their price objective on shares of First Tracks Biotherapeutics from $30.00 to $55.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 28th. HC Wainwright reaffirmed a "buy" rating and set a $57.00 target price on shares of First Tracks Biotherapeutics in a report on Thursday, September 3rd. Piper Sandler raised their price target on First Tracks Biotherapeutics from $54.00 to $95.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. Wedbush boosted their price objective 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, Weiss Ratings started coverage on First Tracks Biotherapeutics in a research note on Thursday, August 13th. They set a "sell (d)" rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, First Tracks Biotherapeutics has an average rating of "Moderate Buy" and a consensus price target of $66.70.

First Tracks Biotherapeutics Stock Performance

TRAX stock opened at $39.00 on Wednesday. The firm has a market cap of $1.39 billion and a price-to-earnings ratio of -21.20. First Tracks Biotherapeutics has a 12-month low of $14.72 and a 12-month high of $49.91. The firm's 50 day moving average price is $41.37.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.21). On average, equities research analysts forecast that First Tracks Biotherapeutics will post -4.31 earnings per share for the current fiscal year.

Insider Activity at First Tracks Biotherapeutics

In other news, Director J. Ware sold 39,265 shares of First Tracks Biotherapeutics stock in a transaction that occurred 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 sale, the director owned 15,660 shares of the company's stock, valued at approximately $701,254.80. The trade was a 71.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Institutional Trading of First Tracks Biotherapeutics

Several large investors have recently added to or reduced their stakes in the business. Opaleye Management Inc. bought a new stake in First Tracks Biotherapeutics during the 2nd quarter valued at $1,308,000. Wellington Management Group LLP acquired a new position in shares of First Tracks Biotherapeutics during the second quarter valued at $1,156,000. Tidal Investments LLC bought a new stake in shares of First Tracks Biotherapeutics during the second quarter valued at about $622,000. Corient Private Wealth LP bought a new stake in shares of First Tracks Biotherapeutics during the second quarter valued at about $610,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in First Tracks Biotherapeutics in the second quarter worth about $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.

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