J P M O R G A N North America Equity Research 12 June 2026 Upstream Bio Quieter Catalyst Path Ahead; Downgrading to Neutral See page 6 for analyst certification and important disclosures. ▼Neutral Previous: Overweight UPB, UPB US Price (11 Jun 26):$6.38 ▼Price Target (Dec-26):$8.00 Prior (Dec-26):$35.00 SMid Biotechnology We are downgrading UPB shares to Neutral from Overweight. Recall, earlier this year, Upstream reported topline results from the phase 2 VALIANT trial in severe asthma and the phase 2 VIBRA ...