Evercore ISI Downgrades Upstream Bio (UPB) to In Line, 'Attractive Long Term / Catalyst Vacuum Near-to-Int-Term'

Evercore ISI analyst Cory Kasimov downgraded Upstream Bio (NASDAQ: UPB) from Outperform to In Line with a price target of $15.00 (from $40.00).

The analyst comments "Bottom line: we remain optimistic on verekitug and believe the product has a bright long -term future. However, we also acknowledge the lack of potential value -inflecting catalysts in the next 12+ mos, an ongoing financing overhang (see below), and uncertainty around the competitiveness of the ongoing COPD trial (due to potential underdosing until the new dose arm is brought on). Accordingly, we are moving to the sidelines for the time being as we anticipate UPB shares could trade in -line with the broader biotech tape. Investors that have a multi -year time horizon (admittedly few and far between these days) can take advantage of what ultimately could prove to be an attractive entry point."

For an analyst ratings summary and ratings history on Upstream Bio click here. For more ratings news on Upstream Bio click here.

Shares of Upstream Bio closed at $9.79 yesterday.

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