Upstream Bio, Inc.’s Quiet Period Set To End on November 20th (NASDAQ:UPB)

Upstream Bio’s (NASDAQ:UPB) quiet period will expire on Wednesday, November 20th. Upstream Bio had issued 15,000,000 shares in its IPO on October 11th. The total size of the offering was $255,000,000 based on an initial share price of $17.00. During Upstream Bio’s quiet period, insiders and any underwriters that worked on the IPO are restricted from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analysts Set New Price Targets

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

Upstream Bio Stock Performance

UPB stock opened at $25.94 on Friday. Upstream Bio has a 52-week low of $20.74 and a 52-week high of $29.46.

Upstream Bio (NASDAQ:UPB) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($6.96) earnings per share (EPS) for the quarter, missing the consensus estimate 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. Sell-side analysts expect that Upstream Bio will post -4.34 earnings per share for the current year.

Insider Buying and Selling

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