First Tracks Biotherapeutics Inc TRAX

Canaccord Genuity🏁 $TRAX and said -- We are initiating coverage of First Tracks Biotherapeutics with a BUY rating and 12-month price target of $50. $ANAB ENTO FBRX TAK SNY TEVA $EPRX AZN BMY PHAT ABBV GILD REGN PFE LLY Canaccord Genuity added—The company, a spin-off from AnaptysBio, has three clinical- stage assets: ANB033, rosnilimab, and ANB101. ANB033 accounts for approximately 95% of our assigned value and is currently being evaluated in two Phase Ib trials, with top-line data expected in celiac disease (CeD) in 4Q26 and 1Q27 and in eosinophilic esophagitis (EoE) in 3Q27. The remaining 5% of our valuation comes from rosnilimab, which recently reported positive Phase IIb data in rheumatoid arthritis but is paused pending a partner for Phase III development.

$TRAX Evercore initiates coverage with $65 price target.

$TRAX Guggenheim initiates coverage with a buy rating and $100 price target.

Morning Movers pt2 $JLHL $DH $NCPL $SFWL $TRAX

Top Gainers PT2 $JLHL $DH $NCPL $SFWL $TRAX

$ANAB $TRAX - I tend to look at the combined price of these 2 companies because they are directly linked. Anaptys is the Royalties arm of the two after having spun off the R&D portion of the themselves into First Tracks bio in April 2026. The combined ceiling appears to be about $105 currently and the combined COYPT is currently $157 indicating about a 50% upside. Combined share price sits at ~$99 at the moment. Lots of cautious optimism ahead as we wait for ongoing revenue from GSK and Vanda collaborations, new pipeline approvals, and resolution to the Tesaro litigation (expected Jan 2027). A breakthrough of that $105 ceiling would be a positive sign. LT hold for me. I have owned ANAB since Jan 2018, DCAing and trading along the way so I'm in the black at the moment on the combined value. https://www.anaptysbio.com/financial-collaborations/our-partnerships/

$TRAX JP Morgan raises target price to $65 from $30

$TRAX Piper Sandler raises price target to $95.