Liquidia price target lowered to $28 from $30 at Ladenburg

Ladenburg lowered the firm’s price target on Liquidia (LQDA) to $28 from $30 and keeps a Buy rating on the shares after the FDA granted tentative approval of Yutrepia inhalation powder for patients with pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Final Approval can occur after expiration of three-year regulatory exclusivity for Tyvaso dry powder inhaler on May 23, 2025, the analyst tells investors in a research note. The firm is surprised that a three-year exclusivity was granted for United Therapeutics’ (UTHR) Tyvaso DPI, which it notes was not brought up in previous FDA interactions, and Liquidia intends to challenge. While the delay was unexpected, Liquidia is prepared to launch quickly upon final approval with its current sales force, adds Ladenburg.