BofA lowered the firm’s price target on Liquidia (LQDA) to $22 from $23 and keeps a Buy rating on the shares following a Q4 update that the firm says was “highlighted” by interim data from Yutrepia’s open-label ASCENT study in pulmonary hypertension associated with interstitial lung disease. The firm’s lower target reflects a higher share count and lower cash balance, while its Buy rating reflects what it views as the “underappreciated” launch of Yutrepia in “white space” end-markets.
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