Opaleye Management Inc. Makes New Investment in First Tracks Biotherapeutics $TRAX

Opaleye Management Inc. bought a new stake in shares of First Tracks Biotherapeutics (NASDAQ:TRAX) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 65,000 shares of the company’s stock, valued at approximately $1,308,000.

Several other hedge funds also recently modified their holdings of TRAX. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of First Tracks Biotherapeutics during the 2nd quarter worth approximately $232,000. Corient Private Wealth LP acquired a new position in First Tracks Biotherapeutics in the second quarter valued at approximately $610,000. Tidal Investments LLC acquired a new position in First Tracks Biotherapeutics in the second quarter valued at approximately $622,000. Wellington Management Group LLP bought a new position in First Tracks Biotherapeutics in the second quarter valued at approximately $1,156,000. Finally, California State Teachers Retirement System acquired a new stake in First Tracks Biotherapeutics during the 2nd quarter worth $10,643,000.

First Tracks Biotherapeutics Stock Down 4.0%

TRAX opened at $37.98 on Friday. The company has a fifty day moving average of $39.94. The company has a market cap of $1.36 billion and a PE ratio of -20.64. First Tracks Biotherapeutics has a 12 month low of $14.72 and a 12 month high of $49.91.

First Tracks Biotherapeutics (NASDAQ:TRAX) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.21). As a group, equities research analysts predict that First Tracks Biotherapeutics will post -4.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

TRAX has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $57.00 target price on shares of First Tracks Biotherapeutics in a research report on Thursday, September 3rd. Wall Street Zen lowered First Tracks Biotherapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. Wolfe Research started coverage on First Tracks Biotherapeutics in a report on Tuesday, August 18th. They issued an “outperform” rating and a $83.00 price objective for the company. Piper Sandler increased their target price on First Tracks Biotherapeutics from $54.00 to $95.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings started coverage on First Tracks Biotherapeutics in a report on Thursday, August 13th. They set a “sell (d)” rating on the stock. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, First Tracks Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Insider Buying and Selling

In other First Tracks Biotherapeutics news, Director J. Ware sold 39,265 shares of the company’s 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 completion of the transaction, the director owned 15,660 shares of the company’s stock, valued at $701,254.80. This represents a 71.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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.