Leerink Partners Issues Positive Forecast for First Tracks Biotherapeutics (NASDAQ:TRAX) Stock Price

Key Points

• Leerink Partners raised First Tracks Biotherapeutics’ price target from $70 to $90 while maintaining an “outperform” rating, implying 149.72% upside from the prior close.
• Analyst sentiment is broadly positive: 12 analysts rate the stock a Buy, one rates it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average target of $71.33.
• TRAX reported quarterly EPS of -$0.95, missing the consensus estimate of -$0.74; analysts expect a full-year loss of approximately $4.31 per share.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) had its price target upped by equities research analysts at Leerink Partners from $70.00 to $90.00 in a research report issued on Friday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Leerink Partners' price target points to a potential upside of 149.72% from the stock's previous close.

TRAX has been the topic of several other reports. Wells Fargo & Company lifted their target price on shares of First Tracks Biotherapeutics from $62.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday. Evercore reissued an "outperform" rating and set a $70.00 price target on shares of First Tracks Biotherapeutics in a research report on Tuesday. Wolfe Research began 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 target for the company. Guggenheim assumed coverage on shares of First Tracks Biotherapeutics in a report on Wednesday, September 16th. They issued a "buy" rating and a $100.00 price target on the stock. Finally, Weiss Ratings upgraded shares of First Tracks Biotherapeutics from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th. Twelve research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, First Tracks Biotherapeutics presently has an average rating of "Moderate Buy" and an average price target of $71.33.

First Tracks Biotherapeutics Stock Performance

Shares of First Tracks Biotherapeutics stock opened at $36.04 on Friday. The stock has a 50 day moving average of $39.37. First Tracks Biotherapeutics has a one year low of $14.72 and a one year high of $49.91.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) last announced its quarterly earnings data 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). As a group, equities analysts expect that First Tracks Biotherapeutics will post -4.31 EPS 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 that occurred 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Hedge Funds Weigh In On First Tracks Biotherapeutics

Several hedge funds have recently made changes to their positions in the business. State Street Corp purchased a new stake in First Tracks Biotherapeutics in the second quarter worth $30,439,000. Opaleye Management Inc. purchased a new position in First Tracks Biotherapeutics during the 2nd quarter valued at $1,308,000. Wellington Management Group LLP purchased a new position in First Tracks Biotherapeutics during the 2nd quarter valued at $1,156,000. Tidal Investments LLC purchased a new position in First Tracks Biotherapeutics during the 2nd quarter valued at $622,000. Finally, Corient Private Wealth LP bought a new position in First Tracks Biotherapeutics in the 2nd quarter worth $610,000.

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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