Dec. 18 at 11:55 AM
Mizuho🏁
$UPB Outperform/
$51
$REGN -
$SNY $AZN -
$AMGN
Mizuho said: 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.
