State Street Corp Buys 1,512,896 Shares of First Tracks Biotherapeutics $TRAX

Key Points

• State Street Corp. acquired 1,512,896 shares of First Tracks Biotherapeutics in the second quarter, valued at approximately $30.4 million and representing a 4.23% stake.
• Several other institutional investors also initiated positions, while the stock opened at $35.83—down 2.3%—and remains well below its 50-day moving average of $41.77.
• First Tracks missed quarterly earnings expectations, reporting a loss of $0.95 per share versus the expected $0.74 loss. Despite the miss, analysts maintain a “Moderate Buy” consensus with an average price target of $66.55.

State Street Corp bought a new stake in shares of First Tracks Biotherapeutics (NASDAQ:TRAX - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,512,896 shares of the company's stock, valued at approximately $30,439,000. State Street Corp owned about 4.23% of First Tracks Biotherapeutics at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in First Tracks Biotherapeutics in the 2nd quarter worth $232,000. Corient Private Wealth LP acquired a new position in shares of First Tracks Biotherapeutics during the second quarter valued at about $610,000. Tidal Investments LLC bought a new stake in shares of First Tracks Biotherapeutics in the second quarter valued at about $622,000. Wellington Management Group LLP bought a new stake in shares of First Tracks Biotherapeutics in the second quarter valued at about $1,156,000. Finally, Opaleye Management Inc. bought a new stake in shares of First Tracks Biotherapeutics in the second quarter valued at about $1,308,000.

First Tracks Biotherapeutics Stock Down 2.3%

NASDAQ:TRAX opened at $35.83 on Friday. The stock's 50-day simple moving average is $41.77. First Tracks Biotherapeutics has a 52 week low of $14.72 and a 52 week high of $49.91. The company has a market cap of $1.28 billion and a P/E ratio of -19.47.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report) last posted 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 research analysts predict that First Tracks Biotherapeutics will post -4.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TRAX shares. Piper Sandler boosted their price target on First Tracks Biotherapeutics from $54.00 to $95.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. UBS Group began coverage on First Tracks Biotherapeutics in a report on Wednesday, September 16th. They issued a "buy" rating for the company. Wells Fargo & Company raised their price objective on First Tracks Biotherapeutics from $30.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Wedbush lifted their price objective on First Tracks Biotherapeutics from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Thursday, August 13th. Finally, Weiss Ratings started coverage on First Tracks Biotherapeutics in a research report on Thursday, August 13th. They set a "sell (d)" rating on the stock. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $66.55.

Insiders Place Their Bets

In other First Tracks Biotherapeutics 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 directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link.

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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