First Tracks Biotherapeutics initiated with an Outperform at Leerink

Leerink analyst David Risinger initiated coverage of First Tracks Biotherapeutics (TRAX) with an Outperform rating and $46 price target. This is an event story, with multiple near-term catalysts, the firm argues. As an emerging immunology and inflammation company which was spun off from AnaptysBio (ANAB), First Tracks is developing novel mechanisms of action targeting areas of significant unmet need. Leerink notes the company’s two early-stage pipeline candidates have mechanisms which have been partially validated to date by competitors, each asset has the potential for differentiation, and the firm views First Tracks’ market cap of $828M as attractive. There are meaningful near-term catalysts for the shares, so Leerink views its recommendation as actionable today.