Needham raised the firm’s price target on Liquidia (LQDA) to $28 from $18 and keeps a Buy rating on the shares. The analyst also added the shares to the firm’s Conviction List as a top pick for 2024, replacing Cytokinetics (CYTK), citing last month’s court decision that paves the way to Yutrepia FDA approval/launch for PAH and PH-ILD in the first half of this year. Liquidia is a compelling story for 2024 given that the legal/regulatory hurdles have been removed and additional financing has been secured to fund the launch, allowing the focus to now shift to the underappreciated commercial opportunity in PAH/PH-ILD, the analyst tells investors in a research note.
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