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

Upstream Bio’s (NASDAQ:UPB) quiet period is set to end 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 underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

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

Upstream Bio Price Performance

Shares of UPB opened at $25.46 on Friday. Upstream Bio has a 12-month low of $20.74 and a 12-month high of $29.46.

Upstream Bio (NASDAQ:UPB) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($6.96) EPS 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 analysts’ expectations of $0.83 million. Research analysts expect that Upstream Bio will post -4.34 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Ai Upstream Llc acquired 1,175,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was bought at an average cost of $17.00 per share, with a total value of $19,975,000.00. Following the purchase, the insider now directly owns 1,175,000 shares of the company’s stock, valued at approximately $19,975,000. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Erez Chimovits acquired 825,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was purchased at an average price of $17.00 per share, for a total transaction 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. This trade represents a 22.12 % increase in their ownership of the stock. 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.