Shares of First Tracks Biotherapeutics Inc. (TRAX) hit an all-time high on Friday, after analysts cited positive clinical results from competitor Forte Biosciences Inc. (FBRX) as supportive of the broader drug class targeted by both companies.
According to TheFly, HC Wainwright raised its price target on First Tracks to $44 from $30 while maintaining a 'Buy' rating. The new price target implies an upside potential of 22% from current levels.
HC Wainwright said Forte's positive Phase 1b results provide broader validation for therapies targeting the CD122 pathway, a mechanism shared by both companies' investigational treatments.
The CD122 pathway plays a key role in regulating immune system activity, making it a target for therapies to treat autoimmune diseases.
While First Tracks is not currently evaluating its lead candidate, ANB033, in vitiligo, the brokerage said the encouraging data from Forte's FB102 trial provides additional validation for the CD122 drug class.
The firm described Forte's results as a "constructive read-through" for First Tracks ahead of topline data from its Phase 1b celiac disease trial, which is expected in the fourth quarter (Q4).
HC Wainwright also noted that First Tracks' management has indicated a plan to initiate additional clinical trials of ANB033.
The firm said Forte's positive Phase 1b results provide broader validation for therapies targeting the CD122 pathway, a mechanism shared by both companies' investigational treatments.
https://finance.yahoo.com/markets/stocks/articles/trax-stock-hits-time-high-161453788.html
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