First Tracks Biotherapeutics

TRAX · NASDAQ

$41.25+$4.97 (+13.70%)TodayMarket closed · Oct 20, 7:57 PM ET

Prev close $36.28

TRAX analyst rating

BuyConsensus of 11 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy11
Hold0
Underperform0
Sell0

12-month price target · 14 analysts

Average $71.86 (+74.2% upside)

Low: $50.50
Now: $41.25
High: $105.00

Upgrades and downgrades

The latest rating actions, newest first

TRAX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Leerink Partners	Oct 16, 2026	Maintains	Outperform	$70.00 → $90.00	71%
Canaccord Genuity	Oct 13, 2026	Maintains	Buy	$50.00 → $60.00	44%
Evercore ISI Group	Oct 13, 2026	Maintains	Outperform	$65.00 → $70.00	42%
Wells Fargo	Oct 13, 2026	Maintains	Overweight	$62.00 → $70.00	54%
Canaccord Genuity	Sep 30, 2026	Initiates	Buy	$50.00	44%
Evercore ISI Group	Sep 18, 2026	Initiates	Outperform	$65.00	42%
Guggenheim	Sep 16, 2026	Initiates	Buy	$100.00	49%
HC Wainwright & Co.	Sep 3, 2026	Maintains	Buy	$57.00	27%
Barclays	Aug 13, 2026	Maintains	Overweight	$48.00 → $65.00	46%
Wedbush	Aug 13, 2026	Maintains	Outperform	$60.00 → $70.00	40%

The case for and against

Updated Oct 14, 2026

Bull case

First Tracks is supported by a high-conviction thesis centered on ANB033, which targets the underdeveloped CD122/IL-15 axis and has already shown encouraging clinical readthroughs across celiac disease, eosinophilic esophagitis, and vitiligo. The company’s only publicly traded SMID anti-CD122 program benefits from strong strategic validation, including prior acquisitions of comparable assets in 2022, 2024, and July 2026, while its Fast Track designation in celiac disease and expanded enrollment to n=40 underscore regulatory and development momentum. Beyond ANB033, upside from ANB101 and rosnilimab could broaden the pipeline, and the modeled peak sales potential of roughly $5.4B risk-adjusted across multiple autoimmune indications supports the positive outlook.

Bear case

First Tracks is viewed negatively because its pipeline remains highly speculative, with rosnilimab already only having completed a Phase 2b trial in RA and both ANB033 and ANB101 still early-stage, leaving substantial clinical, regulatory, and safety uncertainty. The investment case is weakened further by an especially crowded EoE landscape, Dupixent’s entrenched SOC position, and evidence that CD122 modulation may be less compelling in EoE than in CeD, raising the risk that ANB033’s biology will not translate into meaningful efficacy. As a clinical-stage biotech with no cash flow positive operations, it also faces continuing financing risk and the possibility that poor trial readthroughs, unexpected safety issues, or stronger-than-expected competition could pressure future commercialization and reimbursement prospects.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.