Upstream Bio

UPB · NASDAQ

$2.82+$0.02 (+0.71%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $2.80

UPB analyst rating

BuyConsensus of 6 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy4
Hold2
Underperform0
Sell0

12-month price target · 7 analysts

Average $34.68 (+1129.8% upside)

Low: $15.15
Now: $2.82
High: $78.75

Upgrades and downgrades

The latest rating actions, newest first

UPB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 2, 2026	Maintains	Buy	$36.00	47%
JP Morgan	Aug 14, 2026	Maintains	Neutral	$8.00 → $9.00	44%
Truist Securities	Aug 12, 2026	Maintains	Buy	$43.00 → $25.00	36%
JP Morgan	Jun 12, 2026	Downgrade	Overweight → Neutral	$35.00 → $8.00	44%
HC Wainwright & Co.	Jun 3, 2026	Initiates	Buy	$36.00	47%
Mizuho	May 14, 2026	Maintains	Outperform	$51.00 → $50.00	54%
Evercore ISI Group	Mar 27, 2026	Downgrade	Outperform → In-Line	$40.00 → $15.00	51%
Mizuho	Dec 18, 2025	Initiates	Outperform	$51.00	54%
LifeSci Capital	Dec 2, 2025	Initiates	Outperform	$43.00	—
Evercore ISI Group	Nov 18, 2025	Initiates	Outperform	$40.00	51%

The case for and against

Updated Oct 16, 2026

Bull case

Upstream Bio is viewed favorably because verekitug has already produced strong Phase 2 proof-of-concept across multiple respiratory diseases, including a 79% rate of clinically meaningful nasal polyp improvement at Week 24 in CRSwNP versus 24% with placebo and a 56% reduction in annualized asthma exacerbations with 100mg every 12 weeks. Its differentiation is reinforced by a receptor-level TSLP mechanism that appears broader than current biologics, plus the potential for quarterly at-home dosing, which could improve durability, convenience, and adherence versus more frequent regimens. The company also has multiple shots on goal with three placebo-controlled randomized Phase 2 trials and a favorable safety/tolerability profile, supporting further de-risking ahead of mid-2026 FDA engagement and 1Q27 Phase 3 initiations.

Bear case

Upstream Bio is viewed negatively because its lead asset verekitug, while clinically active in severe asthma and in development for CRSwNP and COPD, still faces substantial execution risk across multiple late-stage programs that require heavy capital to advance. The company’s limited cash runway and management’s expectation that current cash only funds operations through 2027 leave it unable to finance both Phase 3 asthma and CRSwNP trials to completion without a meaningful equity raise in 2H27, implying greater dilution and elevated financing risk. In addition, competition from other biologics, reimbursement and pricing pressure, and the possibility of clinical, regulatory, and IP setbacks create a fragile fundamental profile despite the promise of the underlying mechanism.

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