Wells Fargo sees limited fundamental impact to United following Liquidia ruling

Wells Fargo analyst Tiago Fauth LQDA notes that Liquidia (LQDA) has won its federal circuit case as expected, as the latter affirms PTAB decision, paving the way for a potential Yutrepia launch. Liquidia can seek final approval and potentially launch once United Therapeutics’ (UTHR) market exclusivity ends in March 2024. United shares are down on the news, but this outcome was largely expected, the firm says. Wells, which has an Overweight rating and a price target of $309 on United’s shares, sees impact of Yutrepia as minimal/already baked in.