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

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 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 Upstream Bio’s quiet period, insiders and any underwriters involved in the IPO are prevented from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analysts Set New Price Targets

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

Upstream Bio Stock Down 4.3 %

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

Upstream Bio (NASDAQ:UPB) last issued its earnings results 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 company had revenue of $0.61 million during the quarter, compared to the consensus estimate of $0.83 million. As a group, equities analysts forecast that Upstream Bio will post -4.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Upstream Bio

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