First Tracks Biotherapeutics initiated with an Overweight at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi initiated coverage of First Tracks Biotherapeutics (TRAX) with an Overweight rating and $54 price target The company has a “differentiated pipeline” across ANB033, rosnilimab, and ANB101, the analyst tells investors in a research note. The firm believes First Tracks’ key value driver is ANB033. The Phase 1b celiac disease data Q4 and Phase 1b eosinophilic esophagitis data mid-2027 are “significant catalysts” and have the potential to validate ANB033 as a leader in the space, contends Piper.