Upstream Bio (NASDAQ:UPB) Shares Up 5.7% – Here’s What Happened

Upstream Bio, Inc. (NASDAQ:UPB) traded up 5.7% during mid-day trading on Monday . The stock traded as high as $17.14 and last traded at $17.14. 27,223 shares were traded during mid-day trading, a decline of 93% from the average session volume of 363,530 shares. The stock had previously closed at $16.21.

Wall Street Analysts Forecast Growth

UPB has been the subject of several research analyst reports. JPMorgan Chase & Co. started coverage on Upstream Bio in a research report on Tuesday, November 5th. They set an “overweight” rating and a $38.00 target price for the company. TD Cowen assumed coverage on Upstream Bio in a research note on Tuesday, November 5th. They set a “buy” rating for the company. Piper Sandler assumed coverage on shares of Upstream Bio in a research report on Tuesday, November 5th. They set an “overweight” rating and a $75.00 price target for the company. Finally, William Blair started coverage on shares of Upstream Bio in a report on Tuesday, November 5th. They issued an “outperform” rating for the company.

Upstream Bio Trading Up 8.2 %

The stock’s 50 day moving average is $22.69.

Upstream Bio (NASDAQ:UPB) last released its quarterly earnings results on Thursday, November 7th. The company reported ($6.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($6.38). The company had revenue of $0.61 million during the quarter, compared to the consensus estimate of $0.83 million. Research analysts forecast that Upstream Bio, Inc. will post -4.3 EPS for the current year.

Insider Buying and Selling

In related news, Director Erez Chimovits purchased 825,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was purchased at an average price 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 in the company, valued at $77,432,841. This trade represents a 22.12 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Ai Upstream Llc purchased 1,175,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were purchased at an average cost of $17.00 per share, for a total transaction of $19,975,000.00. Following the transaction, the insider now owns 1,175,000 shares in the company, valued at approximately $19,975,000. The trade was 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.