First Tracks Biotherapeutics (NASDAQ:TRAX) Hits New 52-Week High on Strong Earnings

First Tracks Biotherapeutics (NASDAQ:TRAX) shares hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $50.17 and last traded at $49.6870, with a volume of 517,521 shares changing hands. The stock had previously closed at $46.34.

The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TRAX shares. HC Wainwright reissued a “buy” rating and issued a $57.00 target price on shares of First Tracks Biotherapeutics in a research report on Thursday, September 3rd. Wolfe Research began 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 on the stock. Wells Fargo & Company lifted their price target 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. Evercore reissued an “outperform” rating and set a $70.00 price objective on shares of First Tracks Biotherapeutics in a research note on Tuesday, October 13th. Finally, Wedbush upped 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. Twelve analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, First Tracks Biotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $72.17.

Insider Buying and Selling

In other First Tracks Biotherapeutics news, Director J. Ware sold 39,265 shares of the stock in a transaction on Wednesday, September 2nd. The shares were 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. This represents a 71.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Hedge Funds Weigh In On First Tracks Biotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRAX. State Street Corp bought a new position in shares of First Tracks Biotherapeutics in the second quarter valued at approximately $30,439,000. Opaleye Management Inc. purchased a new stake in shares of First Tracks Biotherapeutics during the second quarter valued at $1,308,000. Wellington Management Group LLP acquired a new position in shares of First Tracks Biotherapeutics in the 2nd quarter valued at $1,156,000. Tidal Investments LLC purchased a new position in First Tracks Biotherapeutics in the 2nd quarter worth about $622,000. Finally, Corient Private Wealth LP acquired a new stake in First Tracks Biotherapeutics during the 2nd quarter worth about $610,000.

First Tracks Biotherapeutics Stock Performance

The business has a 50 day moving average of $39.02. The stock has a market capitalization of $2.06 billion and a PE ratio of -26.65.

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.