Mizuho Starts Upstream Bio (UPB) at Outperform

Mizuho analyst Joseph Catanzaro initiates coverage on Upstream Bio (NASDAQ: UPB) with a Outperform rating and a price target of $51.00.

The analyst comments "We are initiating coverage of Upstream Bio with an Outperform rating and $51 PT, as we see UPB's lead program verekitug (anti-TLSPR mAb) as well- positioned for a positive Phase II readout in asthma in 1Q26. First, we see a number of supportive data points indicating that verekitug is the most potent TSLP/TSLPR pathway inhibitor. Second, we believe verekitug Q12W/Q24W are well positioned to achieve FeNO reductions from baseline that we believe will provide a high probability of achieving a clinically meaningful ≥50% reduction in risk of exacerbation for a positive outcome. Lastly, we believe clinically meaningful efficacy with just 2-4 doses annually in a broad asthma population would represent a highly compelling profile. Altogether, we project $2.7B in risk-adjusted 2035 WW sales for verekitug in asthma, CRSwNP and COPD and expect positive Phase II data to drive outperformance."

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 $29.32 yesterday.

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