First Tracks Biotherapeutics (TRAX) PT Raised to $95 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi raised the price target on First Tracks Biotherapeutics (NASDAQ: TRAX) to $95.00 (from $54.00) while maintaining an Overweight rating.

The analyst commented: "We had a chance to catch up with TRAX following 2Q26 earnings where they detailed how ANB033's Ph1b CeD Cohort 1 enrollment is complete with data remaining on-track for 4Q26. With this, mgmt explained their rationale behind adjusting the Cohort 2 enrollment to include a Vh:Cd <2.5 (vs <2.0) and any symptoms at baseline in order to evaluate ANB033's effect on mucosal healing in a broader patient population and inform continued development. Importantly, enrollment has been increased to n=40 patients (vs n=30) with Cohort 2 topline expected in 1Q27. Beyond CeD, TRAX also announced they intend to initiate Ph2 studies in two additional indications in 1H27, where we believe recent competitor data strongly validates ANB033's differentiated opportunity in vitiligo. Ultimately, we remain bullish on TRAX where ANB033 represents a highly compelling pipeline-in-aproduct asset. We updated our PT to $95 (vs $54) based on competitor clinical validation of anti-CD122 MoA."

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