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

Upstream Bio’s (NASDAQ:UPB) quiet period is set to expire on Wednesday, November 20th. Upstream Bio had issued 15,000,000 shares in its initial public offering on October 11th. The total size of the offering was $255,000,000 based on an initial share price of $17.00. During the company’s quiet period, insiders and any underwriters involved in the IPO are prevented from issuing any research reports for the company because of SEC regulations. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Upgrades and Downgrades

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

Upstream Bio Stock Performance

UPB stock opened at $22.74 on Wednesday. Upstream Bio has a 12 month low of $20.74 and a 12 month high of $29.46.

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

Insider Activity at Upstream Bio

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