Upstream Bio initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Upstream Bio (UPB) with an Overweight rating and $38 price target Upsteam’s lead asset is verekitug, a recombinant human IgG1 monoclonal antibody that binds the thymic stromal lymphopoietin receptor to treat severe asthma, chronic rhinosinusinitis with nasal polyps and COPD, the analyst tells investors in a research note. The firm sees verekitug as the sole driver for shares over the mid to long term as the clinical profile matures.