Upstream Bio (NASDAQ:UPB) Trading 8.5% Higher – Here’s What Happened

Upstream Bio, Inc. (NASDAQ:UPB)’s share price was up 8.5% on Tuesday . The stock traded as high as $28.08 and last traded at $28.2630. Approximately 378,469 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 386,405 shares. The stock had previously closed at $26.05.

Analyst Upgrades and Downgrades

A number of research analysts have commented on UPB shares. Weiss Ratings restated a “sell (d-)” rating on shares of Upstream Bio in a research note on Wednesday, October 8th. Evercore ISI initiated coverage on shares of Upstream Bio in a research note on Tuesday, November 18th. They set an “outperform” rating and a $40.00 target price for the company. Finally, Truist Financial began coverage on Upstream Bio in a research note on Tuesday, October 14th. They issued a “buy” rating and a $47.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $43.50.

Upstream Bio Trading Down 2.9%

The company has a market capitalization of $1.51 billion and a PE ratio of -14.89. The firm has a 50 day simple moving average of $21.87 and a two-hundred day simple moving average of $16.30.

Upstream Bio (NASDAQ:UPB) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.15. The firm had revenue of $0.68 million during the quarter, compared to the consensus estimate of $0.65 million. Upstream Bio had a negative return on equity of 28.71% and a negative net margin of 4,366.77%. Research analysts expect that Upstream Bio, Inc. will post -4.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Upstream Bio

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Upstream Bio by 12.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,442,551 shares of the company’s stock valued at $45,944,000 after purchasing an additional 271,718 shares in the last quarter. Bain Capital Life Sciences Investors LLC lifted its stake in shares of Upstream Bio by 6.3% in the 2nd quarter. Bain Capital Life Sciences Investors LLC now owns 2,439,538 shares of the company’s stock valued at $26,786,000 after purchasing an additional 144,216 shares in the last quarter. Norges Bank purchased a new stake in shares of Upstream Bio during the 2nd quarter worth about $10,650,000. Marshall Wace LLP raised its holdings in Upstream Bio by 198.8% in the third quarter. Marshall Wace LLP now owns 867,999 shares of the company’s stock valued at $16,327,000 after buying an additional 577,473 shares during the period. Finally, Parkman Healthcare Partners LLC lifted its position in Upstream Bio by 17.9% during the third quarter. Parkman Healthcare Partners LLC now owns 843,502 shares of the company’s stock valued at $15,866,000 after buying an additional 127,998 shares in the last quarter.

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.