First Tracks Biotherapeutics (NASDAQ:TRAX) Hits New 12-Month High After Strong Earnings

Key Points

• First Tracks Biotherapeutics hit a 12-month high, trading as high as $50.17 after closing previously at $46.34; it later traded near $49.69.
• The company reported a quarterly loss of $0.88 per share, beating analyst expectations of a $0.92 loss. Analysts’ average rating is “Moderate Buy,” with an average price target of $72.17.
• Director J. Ware sold 39,265 shares for about $1.76 million, reducing his direct stake by 71.49%.

First Tracks Biotherapeutics (NASDAQ:TRAX - Get Free Report)'s stock price reached a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $50.17 and last traded at $49.6870, with a volume of 517,521 shares. The stock had previously closed at $46.34.

The company reported ($0.88) earnings per share for the quarter, beating analysts' consensus estimates of ($0.92) by $0.04.

Wall Street Analyst Weigh In

Several analysts have commented on TRAX shares. Canaccord Genuity Group lifted their price objective on shares of First Tracks Biotherapeutics from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, October 13th. Wolfe Research started coverage on shares of First Tracks Biotherapeutics in a report on Tuesday, August 18th. They set an "outperform" rating and a $83.00 price objective on the stock. Wall Street Zen raised First Tracks Biotherapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, October 17th. Wells Fargo & Company increased their price objective on shares of First Tracks Biotherapeutics from $62.00 to $70.00 and gave the company an "overweight" rating in a report on Monday, October 12th. Finally, UBS Group began coverage on First Tracks Biotherapeutics in a report on Wednesday, September 16th. They set a "buy" rating on the stock. Twelve investment 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's stock. Based on data from MarketBeat.com, First Tracks Biotherapeutics has an average rating of "Moderate Buy" and an average price target of $72.17.

Insiders Place Their Bets

In other First Tracks Biotherapeutics news, Director J. Ware sold 39,265 shares of the 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 sale, the director directly owned 15,660 shares of the company's stock, valued at approximately $701,254.80. This represents a 71.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TRAX. AlphaCentric Advisors LLC acquired a new stake in First Tracks Biotherapeutics during the 3rd quarter worth $348,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in First Tracks Biotherapeutics in the 3rd quarter valued at $65,000. Profund Advisors LLC lifted its stake in shares of First Tracks Biotherapeutics by 3.5% in the 3rd quarter. Profund Advisors LLC now owns 13,516 shares of the company's stock worth $479,000 after acquiring an additional 452 shares during the period. State of Wyoming purchased a new stake in shares of First Tracks Biotherapeutics in the third quarter valued at about $60,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in First Tracks Biotherapeutics by 107.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,519 shares of the company's stock worth $414,000 after purchasing an additional 5,966 shares in the last quarter.

First Tracks Biotherapeutics Stock Performance

The business's fifty day moving average is $39.02. The firm has a market capitalization of $2.06 billion and a P/E ratio of -26.65.

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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