First Tracks Biotherapeutics (NASDAQ:TRAX) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• First Tracks Biotherapeutics received a “Moderate Buy” consensus rating from 11 analysts: nine buys, one hold and one sell. The average 12-month price target is $63, with individual targets ranging from $55 to $83.
• Institutional interest increased, with the California State Teachers’ Retirement System purchasing approximately $10.6 million in shares and several other investors establishing new positions.
• TRAX opened at $41.86, near its 52-week high of $49.91, but reported a quarterly loss of $0.95 per share—worse than the expected $0.74 loss. Analysts project a full-year loss of $4.31 per share.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eleven research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $63.00.

TRAX has been the topic of several recent research reports. UBS Group raised their price target on First Tracks Biotherapeutics from $45.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Wells Fargo & Company upped their price target on shares of First Tracks Biotherapeutics from $30.00 to $55.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Weiss Ratings began coverage on shares of First Tracks Biotherapeutics in a report on Thursday, August 13th. They issued a "sell (d)" rating on the stock. Wolfe Research initiated coverage on shares of First Tracks Biotherapeutics in a report on Tuesday, August 18th. They set an "outperform" rating and a $83.00 target price for the company. Finally, HC Wainwright increased their price objective on First Tracks Biotherapeutics from $44.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 13th.

Institutional Trading of First Tracks Biotherapeutics

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

First Tracks Biotherapeutics Stock Performance

Shares of TRAX opened at $41.86 on Monday. 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 $1.50 billion and a price-to-earnings ratio of -22.75. The business has a 50 day simple moving average of $35.72.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) last issued 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 forecast that First Tracks Biotherapeutics will post -4.31 EPS for the current year.

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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