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Data-driven stock valuation

Upstream Bio, Inc. (UPB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Upstream Bio, Inc. stock $6.17, price $3.23, upside +91.0%, quality 36 out of 100. Rating: strongly undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare US

UB Upstream Bio, Inc. logo Thin data Nov 8, 2026

Upstream Bio, Inc.

UPB · US
Cheap, value-trap risk

The stock costs 48% less than our calculation considers fair.

Fair value $6.17 · Strongly undervalued
Even on cautious assumptions the value is 26% above the price ($4.07).
Expensive Growth (revenue 3y +33.0 %/yr in USD)
Neutral coverage
Insiders sold $58,226 (6M)
Quality 36/100
Negative free cash flow
Trails peers (2/7)
Narrow moat 8/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$32.60 $2.74 Fair Value $6.17 Oct 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

25‑month range $2.74 – $32.60 · fair‑value band $4.07 – $7.71 · the $3.23 price screens below the $6.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Upstream Bio, Inc., a clinical-stage biotechnology company, develops treatments for inflammatory diseases focusing on severe respiratory disorders.

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It offers verekitug, which is in Phase 2 trials for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps and chronic obstructive pulmonary disease and in Phase I clinical trial for treating chronic obstructive pulmonary disease.

The company was incorporated in 2021 and is headquartered in Waltham, Massachusetts.

Stock analysis

Upstream Bio, Inc. (UPB) currently trades at $3.23, while our model-based Fair Value estimate is $6.17, implying the stock looks roughly 48% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 92/100, which puts the data coverage at low.

Scenario range: $4.07 (bear) to $7.71 (bull), the price of $3.23 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Upstream Bio, Inc. reported revenue of $2.9M in FY2025 versus $1.2M in FY2022, a compound +33.0%/yr. Reported net income was −$143M in FY2025.

Key figures

Market cap $176M Micro · P/S ratio 56.0 · EPS (TTM) $−2.88 · Return on equity −46.1% · Return on assets (EBIT) −56.3% (4-year average) · Operating margin −5,481% · Revenue (TTM) $3.2M · Revenue growth (YoY) −17.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 90% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 91%, UPB screens cheaper than that median.

Fair Value models

Bear $4.07 Fair Value $6.17 Bull $7.71
Price $3.23 · Upside +91.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) $4.07 $6.17 $7.71 52
All 1 models by family
Asset-Based
NCAV (Graham) $4.07 $6.17 $7.71 52

Open the full fair value analysis →

Quality Score breakdown

Overall quality 36/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 37
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 99
Debt, balance sheet and risk of trouble
Investment 40
Does it invest with discipline instead of growing at any price?
Low Volatility 7
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 33
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 5 officers or directors sold shares worth $58,226 and none bought.

  • SaleAllison AmbroseGeneral Counsel3× since Mar 16, 2026: 1,437 shares, avg. $6.95$9,985Sep 16, 2026
  • SaleMichael GrayCFO and COO3× since Mar 16, 2026: 2,558 shares, avg. $6.96$17,801Sep 16, 2026
  • SaleAdam HoughtonChief Business Officer3× since Mar 16, 2026: 2,099 shares, avg. $6.96$14,607Sep 16, 2026
  • SaleEverett Rand SutherlandChief Executive Officer, Director3× since Mar 16, 2026: 6,283 shares, avg. $6.96$43,725Sep 16, 2026
  • SaleAaron DeykinChief Medical Officer3× since Mar 16, 2026: 2,684 shares, avg. $6.96$18,678Sep 16, 2026

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+20.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1,972.7% (2022) → −5,618.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Earlier news

News mood ⓘNews mood, the average tone of recent news (40 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.

Compare Upstream Bio, Inc. with another stock

Price, fair value, quality and upside side by side.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 36 · Below median
Fair Value upside +91.0% · Top 25%
Profitability
Return on assets −40.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −17.5% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.52× · Cheapest 25%
P/S (12 months) 55.81× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 22

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs UPB
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs UPB
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs UPB
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs UPB
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs UPB
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs UPB
argenx SE ARGX $927.21 $908.40 −2% vs UPB
CSL Limited CSL A$200.77 A$183.04 −9% vs UPB
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs UPB
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs UPB

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Upstream Bio, Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Upstream Bio, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/UPB

Frequently asked questions

Is Upstream Bio, Inc. (UPB) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $6.17 versus a price of $3.23, about +91% upside (undervalued).
What is the fair value of UPB?
Our model-based fair value for Upstream Bio, Inc. is $6.17 (as of Nov 8, 2026), built from audited fundamentals. The current price: $3.23.
What is the quality score of UPB?
Upstream Bio, Inc. has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Upstream Bio, Inc. (UPB)?
Our model-based price target is the fair value of $6.17 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario $4.07, optimistic scenario $7.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Upstream Bio, Inc. stock forecast for 2026?
Our models put fair value at $6.17, about +91% upside versus a price of $3.23 (undervalued). Cautious scenario $4.07, optimistic scenario $7.71. The calculation is refreshed regularly with new filings.
What is the revenue of Upstream Bio, Inc. (UPB)?
Upstream Bio, Inc. reported trailing-twelve-month revenue of about $3.2M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Upstream Bio, Inc. (UPB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Upstream Bio, Inc. it is $6.17 per share (as of Nov 8, 2026), against a price of $3.23. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Upstream Bio, Inc. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, UPB trades below its calculated fair value: price $3.23, fair value $6.17, a gap of about +91% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of UPB?
No. The price is what the market pays today ($3.23); the fair value is what the company's own numbers justify ($6.17). For Upstream Bio, Inc. the two are $2.94 per share apart. That gap is exactly why we show both numbers side by side.
How much is Upstream Bio, Inc. worth?
The market values Upstream Bio, Inc. at about $176M (market capitalisation, as of Nov 8, 2026). Per share that is $3.23; our models calculate a fair value of $6.17 per share.
What do the bullish and bearish scenarios say about UPB?
Our models span a range for Upstream Bio, Inc.: cautious scenario $4.07, base $6.17, optimistic $7.71 per share (as of Nov 8, 2026, price $3.23). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Upstream Bio, Inc. (UPB)?
Balance-sheet figures for Upstream Bio, Inc. (as of Nov 8, 2026): return on equity −46.1%. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is UPB from its 52-week high?
Upstream Bio, Inc. trades at $3.23, about 90% below its 52-week high of $32.60 and 18% above the low of $2.74 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $6.17 is for.
Which stocks are comparable to Upstream Bio, Inc.?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Upstream Bio, Inc. stock attractive at the current price?
The data as of Nov 8, 2026: price $3.23, calculated fair value $6.17 (+91%), Quality Score 36/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of UPB calculated?
We run Upstream Bio, Inc. through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of $6.17 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Upstream Bio, Inc. currently trades 48% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Upstream Bio, Inc. (UPB)?
The closing price on Nov 6, 2026 was $3.23. Our model-based fair value is $6.17, about +91% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Upstream Bio, Inc. right now?
The large discount to fair value meets weak quality (36/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($4.07). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($4.07 to $7.71) leaves room in how you read the outcome.

Key figures of Upstream Bio, Inc.

How large is the market capitalisation of Upstream Bio, Inc. (UPB)?
The market capitalisation of Upstream Bio, Inc. is $176M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Upstream Bio, Inc. (UPB)?
The price-to-sales ratio of Upstream Bio, Inc. is 56.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Upstream Bio, Inc. (UPB)?
Earnings per share at Upstream Bio, Inc. are $−2.88. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Upstream Bio, Inc. (UPB)?
The return on equity (ROE) of Upstream Bio, Inc. is −46.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Upstream Bio, Inc. (UPB)?
On an EBIT basis the return on assets of Upstream Bio, Inc. is −56.3% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Upstream Bio, Inc. (UPB)?
The operating margin of Upstream Bio, Inc. is −5,481% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Upstream Bio, Inc. (UPB)?
Revenue at Upstream Bio, Inc. is growing −17.5% versus a year earlier (3y avg +33.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Upstream Bio, Inc. (UPB) generate?
The free cash flow of Upstream Bio, Inc. is −$133M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Upstream Bio, Inc. (UPB) hold?
Upstream Bio, Inc. holds more cash than debt, $100M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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