LifeSci starts Liquidia at Outperform on ‘blockbuster opportunity’ for Yutrepia

As previously reported, LifeSci Capital initiated coverage of Liquidia with an Outperform rating and $30 price target The commercial-stage biotechnology company’s pipeline is focused on innovative delivery mechanisms for treprostinil in rare cardiopulmonary indications and the company has received tentative approval for its lead asset, Yutrepia, in pulmonary hypertension associated with interstitial lung disease, or PH-ILD, and pulmonary arterial hypertension, or PAH. Together these markets represent a combined greater than $6B branded market and growing, and “a blockbuster opportunity” for Liquidia’s Yutrepia, even with modest market capture, the analyst tells investors. Examining the historical experience in the relatively mature PAH market as guidance for how to look at an upcoming Yutrepia launch, the firm sees Tyvaso’s $1.2B in 2023 sales, with a 41% year-over-year growth rate from 2022, as “up for grabs by Yutrepia.”