First Tracks Biotherapeutics (NASDAQ:TRAX) Stock Rated “Buy” in New Coverage at Canaccord Genuity Group

Equities research analysts at Canaccord Genuity Group started coverage on shares of First Tracks Biotherapeutics (NASDAQ:TRAX) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $50.00 price target on the stock. Canaccord Genuity Group’s target price points to a potential upside of 38.97% from the company’s current price.

Several other brokerages have also weighed in on TRAX. Barclays increased their price objective on shares of First Tracks Biotherapeutics from $48.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Wedbush lifted their price target on First Tracks Biotherapeutics from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Wells Fargo & Company raised their target price on shares of First Tracks Biotherapeutics from $30.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. Wall Street Zen lowered shares of First Tracks Biotherapeutics from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Finally, UBS Group started coverage on First Tracks Biotherapeutics in a report on Wednesday, September 16th. They set a “buy” rating on the stock. Twelve analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $65.17.

First Tracks Biotherapeutics Price Performance

Shares of First Tracks Biotherapeutics stock opened at $35.98 on Wednesday. The company has a market cap of $1.29 billion and a price-to-earnings ratio of -19.55. First Tracks Biotherapeutics has a 52-week low of $14.72 and a 52-week high of $49.91. The firm has a fifty day simple moving average of $41.69.

First Tracks Biotherapeutics (NASDAQ:TRAX) last issued its quarterly 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, sell-side analysts forecast that First Tracks Biotherapeutics will post -4.31 EPS for the current year.

Insider Transactions at First Tracks Biotherapeutics

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 stock was sold at an average price of $44.78, for a total transaction of $1,758,286.70. Following the transaction, the director directly owned 15,660 shares in the company, valued at approximately $701,254.80. This represents a 71.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional Investors Weigh In On First Tracks Biotherapeutics

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

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.