Piper Sandler Starts First Tracks Biotherapeutics (TRAX) at Overweight

Piper Sandler analyst Yasmeen Rahimi initiates coverage on First Tracks Biotherapeutics (NASDAQ: TRAX) with a Overweight rating and a price target of $54.00.

The analyst comments: “We are initiating coverage on First Tracks Biotherapeutics, Inc. (TRAX) with an OW rating and $54 PT given its differentiated pipeline across ANB033 (CD122 antagonist), rosnilimab (pathogenic T-cell depleter), and ANB101 (BDCA2 modulator). Importantly, a key value driver is ANB033, which is being developed in both CeD and EoE given both IL-2 and IL-15 are significant drivers of disease pathogenesis (see deep dive). Accordingly, we believe Ph1b CeD data 4Q26 and Ph1b EoE data mid-2027 serve as significant catalysts and have the potential to validate ANB033 as a leader in the space. Further, rosnilimab is already de risked for success in RA supported by positive Ph2b RENOIR data and a Ph3 development update 2Q26. Additionally, ANB101 serves as a free call option with potential across a broad range of inflammatory diseases. Thus, we are bullish on TRAX and believe it is the perfect time to own ahead of multiple pipeline updates.”

For an analyst ratings summary and ratings history on First Tracks Biotherapeutics click here. For more ratings news on First Tracks Biotherapeutics click here.

Shares of First Tracks Biotherapeutics closed at $20.85 yesterday.

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