First Tracks Biotherapeutics (TRAX) - What Are Investment Firms Thinking About This Stock?

Key Points

• Analyst sentiment is broadly positive: Fourteen firms give First Tracks Biotherapeutics an average “Moderate Buy” rating, with 12 buys, one hold and one sell. The average 12-month price target is $71.33, well above the reported share price of $36.28.
• Institutional investors initiated sizable positions: State Street acquired a stake valued at approximately $30.4 million, while several other investment firms also bought shares during the second quarter.
• The company remains unprofitable and recently missed estimates: First Tracks reported a quarterly loss of $0.95 per share versus the expected $0.74 loss, and analysts anticipate a full-year loss of $4.31 per share. A director also sold 39,265 shares, reducing his ownership by 71.49%.

Shares of First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) have been given an average rating of "Moderate Buy" by the fourteen research firms that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $71.33.

TRAX has been the topic of a number of recent analyst reports. UBS Group started coverage on First Tracks Biotherapeutics in a research note on Wednesday, September 16th. They issued a "buy" rating on the stock. Canaccord Genuity Group increased their target price on First Tracks Biotherapeutics from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, October 13th. HC Wainwright reaffirmed a "buy" rating and issued a $57.00 target price on shares of First Tracks Biotherapeutics in a report on Thursday, September 3rd. Guggenheim initiated coverage on First Tracks Biotherapeutics in a research report on Wednesday, September 16th. They issued a "buy" rating and a $100.00 price target on the stock. Finally, Evercore reiterated an "outperform" rating and set a $70.00 price target on shares of First Tracks Biotherapeutics in a report on Tuesday, October 13th.

Insider Activity

In other news, Director J. Ware sold 39,265 shares of the firm's stock in a transaction on 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 sale, the director 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Hedge Funds Weigh In On First Tracks Biotherapeutics

Several large investors have recently bought and sold shares of the stock. State Street Corp bought a new stake in First Tracks Biotherapeutics in the 2nd quarter valued at $30,439,000. Opaleye Management Inc. bought a new position in shares of First Tracks Biotherapeutics during the 2nd quarter worth about $1,308,000. Wellington Management Group LLP bought a new position in shares of First Tracks Biotherapeutics during the 2nd quarter worth about $1,156,000. Tidal Investments LLC acquired a new position in shares of First Tracks Biotherapeutics during the second quarter valued at about $622,000. Finally, Corient Private Wealth LP acquired a new position in shares of First Tracks Biotherapeutics during the second quarter valued at about $610,000.

First Tracks Biotherapeutics Trading Up 5.3%

NASDAQ TRAX opened at $36.28 on Tuesday. The business's fifty day moving average price is $38.92. The company has a market cap of $1.30 billion and a P/E ratio of -19.72. First Tracks Biotherapeutics has a 1 year low of $14.72 and a 1 year 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) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.21). As a group, sell-side analysts anticipate that First Tracks Biotherapeutics will post -4.31 earnings per share for the current fiscal year.

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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