United Therapeutics price target lowered to $420 from $430 at Leerink

Leerink analyst Roanna Ruiz lowered the firm’s price target on United Therapeutics (UTHR) to $420 from $430 and keeps an Outperform rating on the shares. United Therapeutics’ Q4 earnings brought clarity on the outlook for the base commercial business and Tyvaso’s future growth trajectory, suggesting that gross-to-net impact from recent contracting efforts for the Tyvaso franchise should be largely baked in going forward, the analyst tells investors in a research note. The firm adds that Q4 could represent a “new base” for demand-driven Tyvaso growth moving into 2025. Leerink remains positive on Tyvaso longer-term growth trajectory.