BUZZ-First Tracks Biotherapeutics stock rises after completing $200 million equity financing

October 15 - ** First Tracks Biotherapeutics (TRAX.O) shares rose 2.8% pre-market on Thursday to $35.08 after the company completed a $200 million equity financing

** TRAX stated that (link) it sold approximately 6.1 million shares to groups of new and existing investors through a private placement at $32.75 per share

** The company plans to use the net proceeds from this offering for general corporate purposes, including clinical development of ANB033

** Leerink, Piper Sandler, UBS, and Wells Fargo served as the underwriters for this placement

** On Monday, TRAX shares closed up about 7% at $34.05 after the company (link) announced positive initial results from an ANB033 drug trial for celiac disease

** The company, headquartered in San Diego, California, has about 35.7 million shares outstanding

** On April 20, TRAX debuted on Nasdaq with a closing price of $18.60 after being spun out from AnaptysBio ANAB.O (link)

** All 12 analysts covering TRAX have a bullish outlook, with 4 rating it "strong buy"; according to London Stock Exchange Group (LSEG) data, the stock's median target price is $70, up from $44 three months ago

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