Upstream Bio (NASDAQ:UPB) Trading Down 5% – Here’s What Happened

Upstream Bio, Inc. (NASDAQ:UPB)’s stock price was down 5% during mid-day trading on Monday . The company traded as low as $18.80 and last traded at $19.23. Approximately 115,504 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 272,732 shares. The stock had previously closed at $20.25.

Analyst Upgrades and Downgrades

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

Upstream Bio Stock Performance

The company’s fifty day moving average is $23.39.

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

Insider Activity at Upstream Bio

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