First Tracks Biotherapeutics initiated with an Overweight at JPMorgan

JPMorgan analyst Anupam Rama initiated coverage of First Tracks Biotherapeutics (TRAX) with an Overweight rating and $31 price target The firm views First Tracks as an emerging clinical stage immunology company. First Tracks’ lead program, ANB033, is being assessed in celiac disease and eosinophilic esophagitis, the analyst tells investors in a research note. JPMorgan believes the Phase 1b update from ANB033 in celiac has the potential to “unlock significant upside” for the shares.