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

Upstream Bio's (NASDAQ:UPB - Get Free Report) quiet period is set to end 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 the company's quiet period, insiders and any underwriters that worked on the IPO are prevented from issuing any earnings forecasts or 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.

Analysts Set New Price Targets

Several research firms have recently weighed in on UPB. TD Cowen began coverage on shares of Upstream Bio in a research note on Tuesday, November 5th. They issued a "buy" rating for the company. JPMorgan Chase & Co. began coverage on shares of Upstream Bio in a research note on Tuesday, November 5th. They set an "overweight" rating and a $38.00 price objective for the company. Piper Sandler began coverage on shares of Upstream Bio in a research note on Tuesday, November 5th. They set an "overweight" rating and a $75.00 price objective for the company. Finally, William Blair began coverage on shares of Upstream Bio in a research note on Tuesday, November 5th. They set an "outperform" rating for the company.

Upstream Bio Stock Down 1.8 %

NASDAQ:UPB traded down $0.47 during mid-day trading on Wednesday, hitting $25.91. 170,547 shares of the stock traded hands, compared to its average volume of 311,767. Upstream Bio has a 12-month low of $20.74 and a 12-month high of $29.46.

Upstream Bio (NASDAQ:UPB - Get Free Report) last announced 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 business had revenue of $0.61 million for the quarter, compared to analyst estimates of $0.83 million. On average, research analysts expect that Upstream Bio will post -4.34 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 stock was acquired at an average cost of $17.00 per share, for a total transaction of $14,025,000.00. Following the completion of the transaction, the director now directly owns 4,554,873 shares in the company, valued at $77,432,841. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Upstream Bio news, major shareholder Ai Upstream Llc acquired 1,175,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was purchased at an average cost of $17.00 per share, for a total transaction of $19,975,000.00. Following the acquisition, the insider now owns 1,175,000 shares in the company, valued at $19,975,000. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Erez Chimovits acquired 825,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was acquired 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 approximately $77,432,841. The trade was a 0.00 % 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.