Upstream Bio (NASDAQ:UPB) Shares Down 3% – Here’s Why

Shares of Upstream Bio, Inc. (NASDAQ:UPB) were down 3% during mid-day trading on Thursday . The stock traded as low as $18.15 and last traded at $18.81. Approximately 4,187 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 356,755 shares. The stock had previously closed at $19.40.

Analyst Ratings Changes

A number of analysts have weighed in on the company. TD Cowen assumed coverage on Upstream Bio in a report on Tuesday, November 5th. They set a “buy” rating for the company. Piper Sandler began coverage on Upstream Bio in a research note on Tuesday, November 5th. They set an “overweight” rating and a $75.00 target price for the company. William Blair initiated coverage on Upstream Bio in a report on Tuesday, November 5th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. started coverage on shares of Upstream Bio in a research report on Tuesday, November 5th. They set an “overweight” rating and a $38.00 price objective for the company.

Upstream Bio Stock Performance

The company has a 50-day moving average price of $22.45.

Upstream Bio (NASDAQ:UPB) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($6.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($6.38). The business had revenue of $0.61 million during the quarter, compared to analysts’ expectations of $0.83 million. On average, equities analysts anticipate that Upstream Bio, Inc. will post -4.3 EPS for the current fiscal year.

Insider Activity at Upstream Bio

In other Upstream Bio news, major shareholder Ai Upstream Llc purchased 1,175,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was bought at an average cost of $17.00 per share, with a total value of $19,975,000.00. Following the completion of the transaction, the insider now owns 1,175,000 shares of the company’s stock, valued at $19,975,000. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Erez Chimovits purchased 825,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were acquired at an average price of $17.00 per share, for a total transaction of $14,025,000.00. Following the completion of the acquisition, the director now directly owns 4,554,873 shares of the company’s stock, valued at $77,432,841. This trade represents a 22.12 % increase in their position. The disclosure for this purchase can be found here.

About Upstream Bio

Upstream Bio, Inc, a clinical-stage biotechnology company, develops treatments for inflammatory diseases that focuses on severe respiratory disorders. It develops verekitug, a monoclonal antibody that targets and inhibits the thymic stromal lymphopoietin receptor. The company also develops therapies to treat severe asthma, chronic rhinosinusitis with nasal polyps, and chronic obstructive pulmonary disease.