Upstream Bio Shares Plunge 52% Despite Positive Phase 2 Asthma Data

(RTTNews) - Upstream Bio, Inc. (UPB) shares tumbled 51.55 percent, falling $13.48 to $14.33 on Wednesday, even after the company announced positive top-line results from its Phase 2 VALIANT clinical trial evaluating verekitug in adults with severe asthma.

The clinical-stage biotechnology company said the study assessed the safety and efficacy of verekitug, an antagonist targeting the receptor for thymic stromal lymphopoietin, in patients with severe respiratory disease.

The stock is currently trading at $14.98, down from a previous close of $27.81. Shares opened at $19.00 and have traded between $15.30 and $20.00 during the session on the Nasdaq. The last bid was $14.39 for 200 shares, while the ask stood at $19.66 for 200 shares. Trading volume reached about 2.79 million shares, significantly above the average volume of about 0.59 million.

Upstream Bio shares have traded within a 52-week range of $5.14 to $33.68.