Piper Sandler analyst Yasmeen Rahimi initiates coverage on First Tracks Biotherapeutics (NASDAQ: TRAX) with a Overweight rating and a price target of $54.00.

The analyst comments: “We are initiating coverage on First Tracks Biotherapeutics, Inc. (TRAX) with an OW rating and $54 PT given its differentiated pipeline across ANB033 (CD122 antagonist), rosnilimab (pathogenic T-cell depleter), and ANB101 (BDCA2 modulator). Importantly, a key value driver is ANB033, which is being developed in both CeD and EoE given both IL-2 and IL-15 are significant drivers of disease pathogenesis (see deep dive). Accordingly, we believe Ph1b CeD data 4Q26 and Ph1b EoE data mid-2027 serve as significant catalysts and have the potential to validate ANB033 as a leader in the space. Further, rosnilimab is already de risked for success in RA supported by positive Ph2b RENOIR data and a Ph3 development update 2Q26. Additionally, ANB101 serves as a free call option with potential across a broad range of inflammatory diseases. Thus, we are bullish on TRAX and believe it is the perfect time to own ahead of multiple pipeline updates.”

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Shares of First Tracks Biotherapeutics closed at $20.85 yesterday.