Upstream Bio Downgraded by Evercore on Lack of Near-Term Catalysts

Evercore ISI downgraded Upstream Bio (NASDAQ: UPB) to In Line from Outperform and lowered its price target to $15 from $40, with shares falling more than 6% in pre-market trading Friday. The firm said it remains optimistic about the long-term potential of verekitug but highlighted the absence of meaningful catalysts over the next 12 months as a key concern. Evercore also pointed to an ongoing financing overhang and uncertainty surrounding the competitiveness of the company’s COPD trial, noting that dosing c ...