Liquidia Extends Losses as Wells Fargo Downgrades on Patent Setback

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3▲1 ▼1Impact / 5
Summary · why it matters

Liquidia is heading for its worst weekly decline after a legal setback in its patent dispute with United Therapeutics, as Wells Fargo added to a wave of downgrades on the North Carolina-based company. Wells Fargo analyst Benjamin Burnett downgraded Liquidia to Equal Weight from Overweight and slashed his price target to $30 from $108 per share, sending the stock lower for a third straight session. The ruling found that Liquidia violated U.S. Patent 11,826,327, which relates to United Therapeutics' best-selling lung therapy Tyvaso, and Burnett argued it adds uncertainty to L606, a treprostinil formulation the company is currently advancing. The analyst is not convinced of the company's prospects on appeal and wants more clarity on expansion opportunities for L606, which he says could be blocked for pulmonary hypertension associated with interstitial lung disease, or PH-ILD. BTIG and Raymond James were among other brokerages that downgraded Liquidia this week in reaction to the litigation update.

Impact on assets 4

Biotech & Genomic Medicine± Mixed · 2 stocks
Liquidia Technologies Inc
LQDA
▼ NegativeCapitalRegulationrelevance

Wells Fargo downgraded Liquidia to Equal Weight and cut its price target to $30 from $108, part of a wave of downgrades.

Financials▲ · 2 stocks
Wells Fargo & Company
WFC
± MixedCapitalrelevance

Wells Fargo is the analyst firm issuing the downgrade and price-target cut on Liquidia, not itself the subject.

Off-coverage companies 1

BTIG, LLCPrivate± Mixed
relevance

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