Liquidia price target lowered to $18 from $20 at BTIG

BTIG analyst Julian Harrison lowered the firm’s price target on Liquidia (LQDA) to $18 from $20 but keeps a Buy rating on the shares. The firm is updating its model after United Therapeutics (UTHR) received notice of allowance for a new patent protecting the use of inhaled treprostinil in interstitial lung disease, stating that it now believes that the odds of YUTREPIA being formally approved/marketed in PH-ILD before 2026 are low. BTIG adds however that on the PAH side, the firm sees “very high” odds of Liquidia prevailing past ‘066 in the HW appeal and past ‘793 in the IPR appeal, which would put YUTREPIA’s launch in PAH on track for mid-2024 or earlier.