First Tracks Biotherapeutics (NASDAQ:TRAX) Upgraded to Strong-Buy at Guggenheim

First Tracks Biotherapeutics (NASDAQ:TRAX) was upgraded by equities research analysts at Guggenheim to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.

Other equities research analysts also recently issued reports about the stock. Wolfe Research assumed coverage on shares of First Tracks Biotherapeutics in a report on Tuesday, August 18th. They issued an “outperform” rating and a $83.00 price target for the company. Barclays increased their price objective on First Tracks Biotherapeutics from $48.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Wedbush raised their price objective on First Tracks Biotherapeutics from $60.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Wall Street Zen cut First Tracks Biotherapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Finally, Weiss Ratings assumed coverage on First Tracks Biotherapeutics in a report on Thursday, August 13th. They issued a “sell (d)” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.70.

First Tracks Biotherapeutics Price Performance

TRAX opened at $39.00 on Wednesday. The firm has a market capitalization of $1.39 billion and a P/E ratio of -21.20. First Tracks Biotherapeutics has a 1-year low of $14.72 and a 1-year high of $49.91. The business has a 50 day moving average price of $41.37.

First Tracks Biotherapeutics (NASDAQ:TRAX) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.21). As a group, research analysts predict that First Tracks Biotherapeutics will post -4.31 earnings per share for the current fiscal year.

Insider Buying and Selling at First Tracks Biotherapeutics

In other news, Director J. Ware sold 39,265 shares of the company’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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Institutional Investors Weigh In On First Tracks Biotherapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TRAX. Wellington Management Group LLP acquired a new stake in shares of First Tracks Biotherapeutics during the 2nd quarter valued at about $1,156,000. Opaleye Management Inc. acquired a new position in First Tracks Biotherapeutics in the second quarter worth approximately $1,308,000. Tidal Investments LLC bought a new position in First Tracks Biotherapeutics during the second quarter valued at approximately $622,000. Corient Private Wealth LP acquired a new stake in First Tracks Biotherapeutics in the second quarter valued at approximately $610,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in First Tracks Biotherapeutics in the second quarter worth approximately $232,000.

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.