First Tracks Biotherapeutics: Increased Conviction in CD122 Antagonism Drive Updated Target; PT to $48

Research evidence excerpt

First Tracks Biotherapeutics: Increased Conviction in CD122 Antagonism Drive Updated Target; PT to $48

Equity Research

U.S. Small & Mid Cap Biotechnology

21 July 2026

First Tracks Biotherapeutics

Increased Conviction in CD122

Antagonism Drive Updated Target;

TRAX OVERWEIGHTPT to $48

Unchanged

Model harmonization and increased conviction in ANB033 in U.S. Small & Mid Cap POSITIVE Biotechnology

UnchangedCeD and EoE, following positive data from Forte's FB102 (also

anti-CD122); Price target to $48 (from $40), reiterate OW. Price Target USD 48.00 raised 20% from USD 40.00

Price (20-Jul-26) USD 36.87

We are updating our TRAX model. Our new price target of $48 (from $40) reflects (1) Potential Upside/Downside +30.2%

harmonization of our TRAX's celiac disease model and underlying assumptions to be in line Source: Bloomberg, Barclays Research

with that of Forte Biosciences (FBRX, OW), following coverage initiation of FBRX this

morning; and (2) our increased conviction in celiac disease (CeD) and eosinophilic Market Cap (USD mn) 1286

esophagitis (EoE) on the back of recent positive data for Forte's FB102 (CD-122) in vitiligo, Shares Outstanding (mn) 34.89

another immune-mediated disease. Free Float (%) 98.07

52 Wk Avg Daily Volume (mn) N/A

We see Forte's vitiligo data as a tailwind for CD122 antagonism; suggesting broader

Dividend Yield (%) N/A

implications for the mechanism and increasing our conviction in CeD and EoE Return on Equity TTM (%) N/A

Recall, Forte Biosciences recently presented positive Ph1b placebo-controlled vitiligo data for Current BVPS (USD) 7.38

FB102, an anti-CD122 antibody. Although TRAX is not pursuing vitiligo, we view Forte's update Source: Bloomberg

as providing clinical validation of the broader CD122 mechanism, with potential to impact a