JPMorgan analyst Anupam Rama initiates coverage on First Tracks Biotherapeutics (NASDAQ: TRAX) with a Overweight rating and a price target of $31.00.

The analyst comments: "First Tracks (formally “BioPharma Co” prior to the split from AnaptysBio (which we also cover), OW and $69 December 2026 PT) is an emerging clinical stage immunology company. The company’s lead program is ANB033, which is being assessed in Celiac Disease (CeD; phase 1b data expected 4Q26) and Eosinophilic Esophagitis (EoE; phase 1b data expected mid 2027). The broader pipeline includes rosnilimab in Rheumatoid Arthritis (RA; which is partnership / outside funding dependent; an update on path forward (P3 advancement) is expected in 2Q26) and ANB101( phase 1 HV study ongoing). In our view, pending the totality of data, the phase 1b update from ANB033 in CeD has the potential to unlock significant upside for TRAX shares both fundamentally (POS / peak sales increase for indication) as well as from a sentiment perspective for EoE ahead of data in the indication next year (the latter of which is not formally included in our model). Business development with rosnilimab and progress with ANB101 are additional upside levers."

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Shares of First Tracks Biotherapeutics closed at $18.87 yesterday.