US SMid Biotechnology: Model Updates - CAMP / TRAX

Research evidence excerpt

J P M O R G A N

North America Equity Research

18 August 2026

US SMid Biotechnology

Model Updates - CAMP / TRAX

We are updating our models for CAMP4 and First Tracks Biotherapeutics. Please

see below for key changes to our models:

CAMP: We are maintaining our December 2027 price target on CAMP shares

of $9. Key changes to the model include adjusted expenses and share count.

TRAX: We are establishing a December 2027 price target on TRAX shares of

$65 (replaces prior December 2026 PT of $30). Key changes to the model

include - probability of success increase for ANB033 in Celiac Disease based

on recent competitive de-risking, increase in peak sales for the product in the

indication (more in line with median Street peak sales range at ~$2B), and

increase in platform value (still <10% of our total valuation), as well as

adjustments to expenses / discount rate / share count.

SMid Biotechnology

Anupam Rama AC

(1-212) 622-0900

Joyce Zhou

(1-212) 622-7212

J.P. Morgan Securities LLC

The authors wish to thank Rati Pinge of

the J.P. Morgan Global Research

Center for contributions to this report.

Equity Ratings and Price Targets

Rating

Mkt Cap

Company

Ticker

($ mn)

Price ($)

Cur

Prev

First Tracks Biotherapeutics

CAMP4

TRAX US

CAMP US

1,526.13

313.77

43.60

5.00

OW

n/c

Source: Company data, Bloomberg Finance L.P., J.P. Morgan estimates. n/c = no change. All prices as of 17 Aug 26.