According to TheFly, HC Wainwright raised its price target on First Tracks to $44 from $30 while maintaining a ‘Buy’ rating.
- 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.
- HC Wainwright described Forte’s results as a "constructive read-through" for First Tracks ahead of topline data from its Phase 1b celiac disease trial.
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.
First Tracks shares were up nearly 13% in Friday’s opening trade, while Forte Biosciences shares were up more than 20%.
Why FBRX’s Results Matter For TRAX
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.
FBRX’s Phase 1b Trial Of FB102
Forte Biosciences on Thursday reported positive topline results from its Phase 1b trial of FB102 in patients with non-segmental vitiligo.
The company said FB102 met the study's primary endpoint, demonstrating a statistically significant improvement in facial vitiligo severity at Week 24 compared with placebo.
Forte said FB102-treated patients achieved a 29.6% mean improvement in facial vitiligo severity from baseline at Week 24. Among participants with greater disease involvement, the therapy delivered a 43.2% mean improvement from baseline.
Forte also reported that patients treated with FB102 continued to show improvement after completing the 12-week treatment period, while the therapy maintained a favorable safety profile.
What Retail Traders Think Of TRAX Stock
Retail sentiment on Stocktwits around First Tracks trended in ‘bullish’ territory at the time of writing.
TRAX stock is up 84% year-to-date, while FBRX stock is up 62%. The State Street SPDR S&P Biotech ETF (XBI) is up 78% over the past 12 months, while the iShares Russell 2000 Growth ETF (IWO) is up 31%.
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