United stock negative reaction ‘discounting extreme scenarios,’ says Oppenheimer

Commenting on the news that a .Federal Circuit affirmed the inter partes review decision from the Patent Trials and Appeals Board that the claims of the ‘793 patent should be canceled as invalid, Oppenheimer analyst Hartaj Singh notes that the legal saga involving United Therapeutics (UTHR) and Liquidia (LQDA) has been ongoing and there are still elements to play out in approved indications PAH and PH-ILD. The firm expects Yutrepia to be on the market in PAH in 2024 and for PH-ILD in 2026 — due to another patent dispute. The Federal Circuit decision and a potential 2024 Yutrepia launch had been expected by Oppenheimer, and the firm believes the negative stock reaction is discounting extreme scenarios. Oppenheimer has an Outperform rating on United’s shares with a price target of $375.