Analysts Boost Upstream Bio with Outperform Rating and Price Target
Upstream Bio (NASDAQ: UPB) received a positive boost from analysts at Evercore ISI, who initiated coverage on the stock with an outperform rating and set a price target of $40.00. This assessment, reported on November 5, 2023, reflects a growing optimism surrounding the biotechnology company, which specializes in treatments for inflammatory diseases.
In addition to Evercore ISI’s analysis, Truist Financial also began covering Upstream Bio on October 14, 2023, awarding it a “buy” rating and a more ambitious price target of $47.00. On the other hand, Weiss Ratings has taken a more conservative stance, reissuing a “sell (d-)” rating on October 8, 2023. Currently, Upstream Bio holds an average rating of “Hold” from analysts, with a consensus price target of $43.50, according to data from MarketBeat.
Recent Earnings Performance
Upstream Bio’s latest quarterly earnings report, released on November 5, revealed a loss of $0.63 earnings per share (EPS), surpassing analysts’ expectations of a loss of $0.78 EPS by $0.15. The company reported revenue of $0.68 million, also exceeding the consensus estimate of $0.65 million. Despite these positive surprises, Upstream Bio continues to grapple with financial challenges, as evidenced by a negative return on equity of 28.71% and an alarming negative net margin of 4,366.77%. Analysts expect the company to post an average loss of $4.3 EPS for the current year.
Institutional Investor Activity
Recent activities from institutional investors indicate a notable interest in Upstream Bio. The New York State Common Retirement Fund acquired a new position valued at $29,000 during the first quarter. Meanwhile, BNP Paribas Financial Markets increased its stake by 229.8% in the second quarter, now holding 3,097 shares worth $34,000 after purchasing an additional 2,158 shares. Similarly, Legal & General Group Plc raised its holdings by 83.0%, owning 3,174 shares valued at $35,000 after acquiring 1,440 additional shares.
Other notable increases include CWM LLC, which boosted its holdings by 107.5% with 3,312 shares now valued at $36,000, and Ameritas Investment Partners Inc., which expanded its position by 95.3%, bringing its total to 3,558 shares worth $39,000 after an additional purchase of 1,736 shares.
As Upstream Bio continues to develop innovative treatments for severe respiratory disorders, including therapies for severe asthma and chronic obstructive pulmonary disease, analysts and investors are closely monitoring its performance and potential for growth in the competitive biotechnology sector.
