First Tracks Biotherapeutics stock slides on plan to resell 10 million shares

7 articles · Updated · MarketWatch · May 8

Shares fell 4% to $18.67 after hours after the company said existing holders would sell nearly 10.5 million common shares.
First Tracks said the stock could be sold at market prices or in private transactions, and the company will receive no proceeds from the resale.
The biotech, spun off from AnaptysBio in April, had closed at $17.92 on Thursday and risen almost 10% to $19.54 on Friday.

Why are major investors selling 10.5 million shares just weeks after this biotech's public debut?

An analyst sets a $30 target, yet insiders sell. Who is right about this new company's future?