Wells Fargo Slashes Liquidia to $30 Target After Patent Loss
LQDA sits 30% above its 52-week low of $21.35.
Summary
Wells Fargo downgraded Liquidia to Equal Weight from Overweight and cut its price target to $30 from $108, following the Delaware court ruling that YUTREPIA infringes United Therapeutics' '327 patent. BTIG and Raymond James also downgraded this week. The stock is down for a third straight session, extending a 25% plunge on the ruling and a further 14.6% drop on Thursday. The analyst sees limited appeal prospects and wants clarity on L606 expansion before turning constructive. This adds to the negative sentiment from the legal setback and heavy insider selling noted in recent filings.
At the time of this announcement, LQDA was trading at $27.77 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $21.35 to $93.61. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.