Upstream Bio (NASDAQ:UPB) Releases Earnings Results, Beats Expectations By $0.15 EPS

Upstream Bio (NASDAQ:UPB) posted its quarterly earnings data on Wednesday. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.15, Zacks reports. Upstream Bio had a negative return on equity of 27.69% and a negative net margin of 4,366.77%.The company had revenue of $0.68 million during the quarter, compared to analysts’ expectations of $0.65 million.

Upstream Bio Trading Down 3.9%

UPB stock traded down $0.92 during mid-day trading on Friday, hitting $22.74. 170,398 shares of the company were exchanged, compared to its average volume of 377,971. Upstream Bio has a 1-year low of $5.14 and a 1-year high of $29.30. The stock has a market capitalization of $1.23 billion and a PE ratio of -2.78. The business has a 50 day simple moving average of $19.94 and a 200-day simple moving average of $14.68.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on UPB shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Upstream Bio in a research note on Wednesday, October 8th. Truist Financial started coverage on shares of Upstream Bio in a research report on Tuesday, October 14th. They issued a “buy” rating and a $47.00 target price for the company. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Upstream Bio currently has an average rating of “Hold” and a consensus target price of $47.00.

Hedge Funds Weigh In On Upstream Bio

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new stake in Upstream Bio during the first quarter worth about $115,000. Woodline Partners LP grew its holdings in Upstream Bio by 5.8% during the 1st quarter. Woodline Partners LP now owns 557,063 shares of the company’s stock worth $3,409,000 after acquiring an additional 30,552 shares during the last quarter. Creative Planning bought a new stake in shares of Upstream Bio in the second quarter worth $154,000. JPMorgan Chase & Co. grew its position in shares of Upstream Bio by 8.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 16,469 shares of the company’s stock valued at $181,000 after buying an additional 1,275 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Upstream Bio by 83.0% during the 2nd quarter. Legal & General Group Plc now owns 3,174 shares of the company’s stock valued at $35,000 after purchasing an additional 1,440 shares during the period.

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.