Evercore ISI downgraded Upstream Bio (UPB) to In Line from Outperform with a price target of $15, down from $40. While the firm remains “optimistic” on verekitug and believes the product has “a bright long-term future,” it moves to the sideline as it acknowledges the lack of potential value-inflecting catalysts in the next 12 months, an ongoing financing overhang, and uncertainty around the competitiveness of the ongoing COPD trial due to potential underdosing until the new dose arm is brought on.
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