---
title: "First Tracks Biotherapeutics: Buy Rating Reaffirmed with Unchanged $44 Price Target on ANB033 CD122-Targeting Upside and Acquisition Potential"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293960305.md"
description: "H.C. Wainwright analyst Emily Bodnar reaffirmed a Buy rating on First Tracks Biotherapeutics with an unchanged $44 price target, citing the strategic validation of its ANB033 asset following Forte's acquisition. Positive clinical data for comparable anti-CD122 antibody FB102 and unique positioning in eosinophilic esophagitis support potential acquisition interest if Phase 1b celiac disease results are favorable. Barclays also reiterated a Buy rating with a $48 target."
datetime: "2026-07-27T16:55:51.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293960305.md)
  - [en](https://longbridge.com/en/news/293960305.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293960305.md)
generator: "portal-rs"
---

# First Tracks Biotherapeutics: Buy Rating Reaffirmed with Unchanged $44 Price Target on ANB033 CD122-Targeting Upside and Acquisition Potential

Analyst Emily Bodnar of H.C. Wainwright maintained a Buy rating on First Tracks Biotherapeutics Inc, retaining the price target of $44.00.

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Emily Bodnar has given his Buy rating due to a combination of factors that highlight both strategic validation and upside potential for First Tracks Biotherapeutics. The $2.2B acquisition of Forte, centered on its anti-CD122 antibody FB102, signals strong biopharma interest in the CD122 antagonist class and directly reinforces the value of First Tracks’ comparable asset ANB033. This transaction suggests that, if ANB033’s Phase 1b celiac disease data are positive, First Tracks could similarly become an attractive acquisition target.

At the clinical level, ANB033 benefits from de-risking via FB102’s encouraging results in celiac disease and vitiligo, while also holding a differentiated opportunity in eosinophilic esophagitis where no anti-IL-15 or anti-CD122 competitors currently exist. Key opinion leaders indicate that targeting CD122, rather than IL-15 alone, offers a more robust dual mechanism in relevant epithelial immune pathways, supporting the strategic rationale behind ANB033. With ANB033 at a comparable development stage to FB102, subcutaneous dosing, and potential expansion into dermatologic indications, Bodnar maintains a Buy rating and an unchanged $44 price target, reflecting confidence in the asset’s long-term value creation potential.

In another report released on July 21, Barclays also reiterated a Buy rating on the stock with a $48.00 price target.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**