Upstream Bio (NASDAQ:UPB) Trading Down 3% – Here’s What Happened

Upstream Bio, Inc. (NASDAQ:UPB) dropped 3% during trading on Thursday . The company 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.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. TD Cowen began coverage on Upstream Bio in a report on Tuesday, November 5th. They set a “buy” rating on the stock. Piper Sandler assumed coverage on shares of Upstream Bio in a report on Tuesday, November 5th. They issued an “overweight” rating and a $75.00 price objective on the stock. William Blair began coverage on Upstream Bio in a report on Tuesday, November 5th. They issued an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. assumed coverage on 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 stock has a 50-day moving average of $22.54.

Upstream Bio (NASDAQ:UPB) last posted its earnings results on Thursday, November 7th. The company reported ($6.96) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($6.38). The company had revenue of $0.61 million for the quarter, compared to analyst estimates of $0.83 million. As a group, research analysts anticipate that Upstream Bio, Inc. will post -4.3 earnings per share for the current year.

Insiders Place Their Bets

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

Upstream Bio Company Profile

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.