Opaleye Management Inc. Invests $1.31 Million in First Tracks Biotherapeutics $TRAX

Key Points

• Opaleye Management acquired 65,000 shares of First Tracks Biotherapeutics in the second quarter, worth approximately $1.31 million and representing a 0.18% stake. Several other institutional investors also initiated positions.
• Analyst sentiment remains broadly positive, with nine Buy ratings, one Hold, and one Sell; the consensus rating is Moderate Buy with a $63 price target, despite mixed views from Wall Street Zen and Weiss Ratings.
• TRAX shares opened at $37.98, down 4%, while the company reported a quarterly loss of $0.95 per share—worse than the expected $0.74 loss. Director J. Ware also sold 39,265 shares at an average price of $44.78.

Opaleye Management Inc. acquired a new stake in First Tracks Biotherapeutics (NASDAQ:TRAX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 65,000 shares of the company's stock, valued at approximately $1,308,000. Opaleye Management Inc. owned 0.18% of First Tracks Biotherapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System acquired a new position in First Tracks Biotherapeutics during the 2nd quarter valued at $10,643,000. Wellington Management Group LLP acquired a new stake in First Tracks Biotherapeutics during the second quarter worth about $1,156,000. Tidal Investments LLC bought a new position in First Tracks Biotherapeutics during the second quarter valued at about $622,000. Corient Private Wealth LP acquired a new position in First Tracks Biotherapeutics in the 2nd quarter valued at approximately $610,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of First Tracks Biotherapeutics in the 2nd quarter worth approximately $232,000.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TRAX. Wall Street Zen cut First Tracks Biotherapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, September 5th. HC Wainwright reaffirmed a "buy" rating and issued a $57.00 target price on shares of First Tracks Biotherapeutics in a research report on Thursday, September 3rd. Barclays lifted their price target on shares of First Tracks Biotherapeutics from $48.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, August 13th. Wells Fargo & Company boosted 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. Finally, Weiss Ratings initiated coverage on First Tracks Biotherapeutics in a report on Thursday, August 13th. They set a "sell (d)" rating on the stock. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.00.

Insider Activity at First Tracks Biotherapeutics

In related news, Director J. Ware sold 39,265 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director owned 15,660 shares in the company, valued at $701,254.80. The trade was a 71.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

First Tracks Biotherapeutics Trading Down 4.0%

First Tracks Biotherapeutics stock opened at $37.98 on Friday. The firm has a market capitalization of $1.36 billion and a price-to-earnings ratio of -20.64. The business has a fifty day simple moving average of $39.94. 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 for the quarter, missing analysts' consensus estimates of ($0.74) by ($0.21). As a group, equities analysts forecast that First Tracks Biotherapeutics will post -4.31 EPS for the current year.

First Tracks Biotherapeutics 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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